London Session Watch USDCAD

3 thg 10, 2014

London Session Watch USDCAD
There are multiple inside bar candlestick patterns formed in the USD/CAD. The long term trend for this currency pair is still up as the short term moving averages (10 and 20 period) are still above the long term moving averages (50,100 and 200 period) but the Tenken-sen has slightly crossed below the Kijun-sen which could show that the short term trend is starting to get weaker. Note that the Stochastic indicator is showing the price is overbought which once again shows the weakness of the short term trend but the long term trend is still strong and the Parabolic SAR indicator is supporting the up-trend as well. The NFP news that is going to be release later might cause a lot of unexpected events but since the long term trend is still up, we could have buying opportunities in today's London session.