USD still moving along the cloud

17 Jul 2016

The USDCAD reacted to the Yearly Pivot Point last week but showed some recovery at the end of the week. I am still expecting the pair to move to the confluence of the cloud and the 50 weekly SMA. The Chico Span is still bouncing between the 50SMA and the cloud. The target should be reached in the next two weeks and then we can trade the larger move down of the extended CD leg of the correction in August. I am looking forward to make some good profits on the larger trade down.