Welcome Traders 😉
After over two weeks of non-stop fall USD/CAD finally found the support. Zone created by last two lows allow us to watch closer for a potential for a rebound. And such a pattern is maybe creating right now. I talk about pinbar selected in red circle – such candle in this particular place may have strong bullish accent. Longterm trend is obviously bullish and current correction hit the range of the last one, after which USD/CAD continued to rise. If it is a beginning of next impulse of bulish trend, we will probably know until the weekend.
On CAD/JPY situation is similar, but quite different. Here we have pretty strong downtrend, and the last gains of CAD/JPY aren’t as impresive as last couple of weeks, are they? Todays candle is obvious reaction of supply over demand. There is place to move lower, but the question is: Are we playing with the short-, or longterm trend? Give a try FxGrow, and lower your spreads.