USDCAD had some good profit taking at the end of last week which left us with an inverse Pinbar. Now i’m sure many of you are thinking of my previous post and might be confused as to which pinbar to trust. Some traders would say that they cancel each other out, and I would agree with that if the PB(pinbar) would have closed in the negative with a dark head, but as it is still in the positive I have a tendency to still look on the upside for the moment. To confirm my theory I take a look at the weekly chart below and notice that we have a 3 week signal which is an inverse pattern at support.

Weekly charts are usually stronger than Daily charts on the longer term which in turn brings me to this conclusion for the week.

Scenario 1 Market will ignore that inverse PB off the 8EMA and keep heading up

Scenario 2 Short term the market will respect fridays D1 PB  to bring it down to our previous 50-75% retracement or double bottom of thursdays PB and back up which has been our original plan since last week

Have a good Tading week

Plan Safely!!

 

USDCAD D1 04 USDCAD W1

2 thoughts on “USDCAD WEEKLY OUTLOOK APR 04-08 2016”

  1. Horace Sutherland says:

    Hi Guy, thanks for the great technical review. Just a quick question. Do you have any speculation on how the recent publication from Saudi Arabia regarding not limiting crude oil production if Iran and other countries didn’t would affect the short-term technical? Would we see a further decrease in CAD?

    1. Guy Pelletier - FOREX.TODAY says:

      I would imagine that it won’t help the CAD as oil prices are falling at the moment, although the central bank said a few week ago that it wants to raise interest rates .5% this year and .5% next year. I guess we’ll just have to wait and see what happens at that time.

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