Has the USD-CAD completed the big W formation and going back to bearish trend?
As MACD and Stochastic both going down in the major time frame (monthly) - it seems the pair has completed the W formation in the for the bullish trend. The major bearish is going for resistance at 1.2109 point the previous support level. There could be head and shoulder formation coming in the way after it close near the 1.2109 level.
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Sequence of Analysis
1. Let the market stretch
2. Support / Resistance
3. Price Actions
4. MACD / Stochastic
5. Overbought / oversold - two long candle (hourly / 4H / Daily
2. Support / Resistance
3. Price Actions
4. MACD / Stochastic
5. Overbought / oversold - two long candle (hourly / 4H / Daily
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