Higher low would need to be followed by a break of $78.83 (on this CFD chart) to indicate a low is in and break current momentum.
Line up your chart to see a similar \pattern as levels likely differ from this CFD chart
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Turning bearish after Friday’s break of a 12-day pattern pivoting 1.42.
For momentum to build to the downside, 1.414, the 12-day range bottom needs to become resistance. Some caution as USDCAD has been unable to distance from it.
Consolidating below Friday’s 7583 high and dependent on 7500-05 holding as support to keep a bid and momentum pointed up.
Intra-day low so far 7520
Consolidating after failing to break 29853 (on this CFD chart), needed for momentum to build further for a run back to 30K.
This leaves it dependent on 29334 holding to keep the downside in check and prevent a shift in risk back to 29K and 28678 low.
What stands out on this chart is a bounce from a double bottom just above 161.25 support.
On the other side, for momentum to buil;d to the upside, 161.80 needs tyo hold as support followed by a break of 162.25.
On the defensive while below 4100 but to build further momentum to the downside, 4022 would need to be firmly broken (low so far 4044).
On the other side, 4120-38 would need to be regained to restore a bid and shift the focus back to 4200.
Bounce off the low more than filling the opening week gap but so far with limited follow through as it consolidates within its existing range (e.g. key supports 1.1361 and 1.1324)
Key resistance levels are clear on this chart, 1.1462 and 1.1473 (also a 50% retracement). To challenge these levels, 1.1450+ would be needed (note high today 1.,1446). Suggests upside is limited unless 1.1450+ trades.
No change to this view: For momentum to build to the upside, 61215 needs to hold followed by a break above 65525.
Otherwise, it stays stuck in a range within -60/61-64/65.
