USDCAD - Downside rejection & Marabuzo line support gains

For the 3rd day in succession there was limited net movement in USDCAD Monday. This keeps the currency pair consolidating near the top of what is still a positively trending Keltner channel. More importantly last Wed’s Marabuzo line was untested and the lows were firmly rejected. This keeps underlying sentiment as positive and so we look for gradual gains to continue with potential to 1.1137 and 1.1174.

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Tags: CAD, Cloud, Ichimoku, Keltner, Marabuzo, Momentum, USDCAD, average, forex, fx, More…moving

Comment by Alan Collins on January 28, 2014 at 2:27pm

both targets met and momentum still positive though intraday sentiment becoming overbought. Big level approaching (not today) 1.1236. Reaction to that will be key element.

Comment by talisman on January 28, 2014 at 3:58pm

why is 1.1236 important in your opinion ?

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