Jun 7th – USDCAD

Prices reached the support area highlighted in my chart and more specifically they reached the exact projection we had at 1.2535. However, so far, prices have not been able to move above the upper boundary of the channel nor above the 1.2600 area. Both will be necessary to give us confidence that a bottom has been formed. However, P&F already broke the Bearish Resistance Line. So the next buy signal at around 1.2625 will be a valid buy signal.

Houssine

Prof. Aldo Lagrutta is an awarded Certified Financial Technician from the International Federation of Technical Analysts and holds several financial market designations, including the coveted Certified Elliott Wave Analyst.

He is a also a member of the Society of Technical Analysis, holds the CFT’e and is a recipient of the Bronwen Wood Prize bestowed by the Society of Technical Analysis in London.

Prof. Aldo Lagrutta grew up as a music child prodigy and became the youngest Professor to teach in several universities and conservatories around the world. He performed for 2 decades as a concert guitarist in Europe, Africa, North and South America.