Guest Commentary: MarketVisionTV - Slapping an Impudent Currency: USDCAD!
$ Canada remains wildly bullish and bearish but safely within a pivotal range.
* We remain bullish longer term.
* However, consolidation below KEY 1.0075 risks new lows before reversal.
* Very bullish looking rallies then above 1.00 are deceptive.
Big Picture we remain structurally bullish...but clearly pivotal consolidation above the recent 98.40 low but below the key 1.0075 resistance still risks a final spike to new lows so...
Until $ Canada takes out 1.0075, all price action however explosive or implosive must be seen as part of consolidation. So the spike to 1.0050 could well be a fake out to get the market long... (a C wave triangle thrust from a B wave triangle)... So although the pullback to previous 99.85 triangle resistance may appear corrective... as the next rally again fades 1.0050 watch out as the Dollar breaks back down within the range to retest the 98.40-85 lows where, no doubt it will look just as bearish.
Of course above 1.0075 we will be late to the party for 1.0230.
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