USDCAD - Tracking Keltner channel lower

Alan Collins 3cAnalysis

3cAnalysis signals for sentiment were not entirely clear going into last week but a move through 1.3337 changed sentiment to bearish. Prices fell another 160-pips after that to take USD/CAD to 3 week lows and through the 100 day moving average. Immediate studies are oversold and the week ended with a stalling of the downside modestly above the 200 day moving average.

Nonetheless with prices below the trend defining 13 day mvg avg and, importantly, tracking the lower end of a falling daily Keltner channel my focus is on the downside for this week withy potential through last week's 1.3177 low to the 200 day average, currently 1.3096, then 1.3005. Rallies should find sellers near 1.3338 and only above 1.3439 would, in my assessment, be bullish.

Selling Deepens

Steady Losses

USDCAD Current Trading Positions

Sell 100%

Buy 0%

Avg Sell Price 1.3330

Avg Buy Price 0.0000

Liquidity Distribution

Author

Alan Collins

3cAnalysis

Alan has been involved in the financial markets for more than 30-years.

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