Current market condition.
1. CAD along with AUD were the strongest currencies last week. will it continue or it will reverse?
2. Since CAD is heavily correlated with Oil, WTI and Brent is currently in contracting phase where it formed a symmetric triangle which suggests that neither the bulls nor bears are in control. As such, we have to wait and see.
3. On the other hand, EUR has shown significant weakens across it's pairs and started just last week. Prior to that, EUR was one of the strongest for several weeks. This suggest that the recent weakness could just be a healthy pullback.
4. A buy order @ 1.5628 gives a better risk reward in favor to the longer time frame uptrend.
1. CAD along with AUD were the strongest currencies last week. will it continue or it will reverse?
2. Since CAD is heavily correlated with Oil, WTI and Brent is currently in contracting phase where it formed a symmetric triangle which suggests that neither the bulls nor bears are in control. As such, we have to wait and see.
3. On the other hand, EUR has shown significant weakens across it's pairs and started just last week. Prior to that, EUR was one of the strongest for several weeks. This suggest that the recent weakness could just be a healthy pullback.
4. A buy order @ 1.5628 gives a better risk reward in favor to the longer time frame uptrend.
