The pair is under valued long term but .....
Right now this is on the downward path ( long term ) and its starting to form the classic Bear flag pattern before it resumes again, Got my eye on oil, its turning over at price resistance ( see chart below ) it should get a bounce off the T/L due to opec cuts and the bigger picture looking better for oil long term, which will add to strengthening the CAD and pushing the USD further down ( long term ), its only getting propped up right now due to risk off on the US MKTS. There is caution in the air due to some US states seeing a spike in covid cases .... however I see this pair creeping up to the T/L before we turn over ( in the channel ) ....
FYI im riding the channel up and down until we break it which I dont see happening until we make lower highs , Hope that helps ....
Happy trading
Right now this is on the downward path ( long term ) and its starting to form the classic Bear flag pattern before it resumes again, Got my eye on oil, its turning over at price resistance ( see chart below ) it should get a bounce off the T/L due to opec cuts and the bigger picture looking better for oil long term, which will add to strengthening the CAD and pushing the USD further down ( long term ), its only getting propped up right now due to risk off on the US MKTS. There is caution in the air due to some US states seeing a spike in covid cases .... however I see this pair creeping up to the T/L before we turn over ( in the channel ) ....
FYI im riding the channel up and down until we break it which I dont see happening until we make lower highs , Hope that helps ....
Happy trading
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