Short
Canadian Dollar Bear Cypher
June CAD building out a Bear Cypher. Target R3 at .79370. CAD over the 20 day MA and has some RSI to use to get it there.
Note
CAD showing bull flag with a spurt up. We may see another move higher beyond R3. May be trying to double top at .80380Note
CAD finally fell from Bear Cypher at just above R3. First target R2 at .78630. Looking for pivot at .77435 outside target, but would have to break the 20 day MA to do that. If it went through that area pivot is possible, and that would be put us oversold RSI.Note
CAD hit R2 today and broke through. Target is now R1 at .78175Note
CAD went through R1 now headed for pivot at .77435Note
CAD looking like it is building a bear flag. USD looking for higher highs, but in a struggle. Watching USD for direction of CAD.Note
CAD using pivot for support at .77435 New projection
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.