USDCAD – A Reversal In the Making?

08 May - USDCAD Daily Forex Chart

(Click on image for larger view)

Hi All,

Since my last commentary on the 6th April (see article), price has been unfolding itself and it looks like a reversal pattern in the making.

Why do I say that? Well, looking at the chart above, price has been on an uptrend since Sept 2012. While my long term bias is for price to continue long, I believe a correction is due before it continues higher. On top of that, price started making some lower lows (LL) and lower highs (LH) recently. Even though these patterns are not too exciting, it is pretty much what I look for in price action.

With that, I’m keeping a close watch to see if I get any short trades.

Note: Make sure to take advantage of the current promotion of my new book. In fact, if you like the article today, then these are the patterns that I explain in the book.

 

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