Weekly chart:
Here, the big picture is showing us a very mature uptrend, such that the current weakness at the last point two at 1.3457 CAD is no wonder. In the next few weeks, the price should be on the retreat more than anything else.
Daily chart:
At the moment, we can still see an uptrend in this trend size. The current correction lead the price almost up to the upper edge of the green correction zone at 1.3280 CAD. Here, the 20 SMAs from the day and the week, which are also coming from below, are still working to provide support. As long as this correction zone is not exited downwards, the trend will remain intact and can be used for long trades. But careful: the higher you go, the thinner the air.
Hourly chart:
After the break of the downtrend at 1.3313 CAD, the price is attempting a new uptrend. However, this is not yet valid, since an upward confirmation is missing. If this confirmation does come, however, a long entry may be worth it for the coming hours.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
AgenaTrader/TradeEscort
AgenaTrader Trading Software
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