deliriou5's Blog

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Development on USDCAD is worth exploring

For the last few weeks, my focus has been on the USDX and major pairs.
In my previous post, I mentioned 2 important factors to be monitoring (not exhaustive):
1. the importance of the SPX breaking above 1900 to signal further USDX strengthening which has happened.
2. GBP/USD to retrace back to 1.667 (which is close to happening with an almost perfect A-B-C wave retracement)
Having said that, the USDCAD has been catching my attention in the last week as well as the CAD's strengthening position re…
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GBP and CHF catches eye

FX WEEKLY SCAN
Based on a weekly scan, I have a particular focus on the USD Index and the GBP Index.
The GBP Index is trading within a strong up-trend that suggests further strength in the next few months.
Further, the USD Index is trading at a critical juncture with a failure below its major support exposing major downside.
With the ATR trading at daily lows, I conclude that the GBP/USD will retrace in the shorter term and provide a good entry for a longer-term buy position. The downside is inv…
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