Pattern RadarThe USD/CAD is in a mark up cycle (C) that is slowing as prices are correcting to the uptrend line of the Continuation Channel Up. The swing buy trigger also has the added support (S) of the 1.0500 level which is a significant psychological price level.
The 240 minute time frame is a slow intraday time frame which is [...]
The 15 and 60 minute charts of the USD/CAD are both breaking higher through Continuation Channel Down patterns as the Canadian Dollar is losing ground against the U.S. Dollar.
These are perfect examples of when the Initial Trend reading can often dictate the likelihood for a continuation versus stall and potential reversal. Note that for both pattern alerts the Initial [...]
With the USD/CAD fresh off its resistance at the 1.1724 to 1.1685 ceiling, the short term intraday time frames like the 15, 30, and 60 minute charts have transitioned to a downtrending market cycle. The U.S. Dollar Index has been trending lower since the Asian session and the crude oil market has rallied off the [...]
Looking at both long term, intermediate term, and short term charts is an important aspect of pattern analysis. Understanding the both the market cycles and the support and resistance of each time frame independently will clarify the set ups in a pair. Longer time frames typically will entail more risk tolerance while shorter time frames [...]