My View On The USD/CAD Today
Alexandros Yfantis | Sep 21, 2015 08:34AM ET
We had quite a roller coaster ride last week in the USD/CAD with another rejection at 1.3320 and a push lower towards 1.30 soon after the announcement by the FED regarding the funds rate being held the same and postponing a rate hike. Technically the USD/CAD has reached the top boundary of the Daily Ichimoku cloud support as shown in the chart below.
USD/CAD reached the Ichimoku cloud in the 4 hour chart as show below and we get some rejection signals. A rejection here could push price back towards the 38% or 61.8% Fibonacci retracement and that is why I took the decision to close my long position early today.
Position was closed at 1.3193. I will be looking to go long again if price pulls back towards the 61.8% Fibonacci retracement or if price manages to break above the blue downward sloping trend line resistance that was the cause for so many price rejections and bearish reversals.
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