USD/CAD Analysis - page 17

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Janet Yellen's speech only mostly caused a whipsaw, but the pair is bullish at the moment. I think it will reach target 1.2940.
 
Bullish on USD/CAD
 
Despite the initial whipsaw, USD/CAD climbed with about 180 pips after the FED Chair's speech last week and broke above 1.3000. I think next target is 1.3070, maybe even 1.3100.
 
USD/CAD broke above 1.3070 and I think it will likely reach 1.3100 soon. If it breaks out above that level next target will be around 1.3140 - 1.3160.
 
USD/CAD reached a hugh at 1.3111 and found some resistance at that level, forming a pair of doji bars on the four-hour time frame. I think there will be retracement towards 1.3030.
 
The pair is still consolidating around 1.3110 - 1.3120, I think that consolidation won't end before the NFP tomorrow.
 
USD/CAD dropped significantly after the NFP, but I closed my short position at 1.2910 and I think I will wait for it to break below 1.2900 before I open a new one again.
 
USD/CAD broke well below 1.2900 and is now testing 1.2850. I think the drop will continue at least until the pair reaches 1.2800 - 1.2780.
 
The Bank of Canada will be announcing its rate statement later today, I think the pair will continue consolidating above 1.2850 until that time.
 
I sold at 1.2900 after it formed a shooting star bar below the resistance at 1.2930 on the one-hour time frame and I am still keeping the short position open.
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