US Dollar failing to remain higher. Selling it against the Canadian Dollar (06/11/2013)

Yesterday we pointed out that the US Dollar was struggling to remain higher. Eventually it did not manage to do so.  USDCAD appears to be a good selling opportunity. Read about the Trend/Wave/Extreme system here

twx 06.11.2013

Today the USD suffered losses against every major currency besides the JPY and was slightly affected against the CHF. However it may be a bit to late now to sell it against currencies such as GBP, NZD,AUD as the USD appears oversold already.  USDCAD may appear a good selling opportunity.

usdcad 05.11.2013

 USDCAD (H4) Sell

The picture above shows the setup that was shown in yesterday’s (06/11/2013) analysis regarding potentially selling the USDCAD.

This is how the chart looks now.

usdcad 06.11.2013

The Trend/Wave/Extreme mini version indicator shows

–          Trend bar is slightly Red filled to the downside

–          Wave bar is fully Red filled indicating momentum to the downside

–          Slightly oversold

We can see a potential head and shoulders formation after the 1.0460 key resistance held.

A break of 1.0400 should see the pair collapse.

Read about the Trend/Wave/Extreme system here

The following is an analysis of the currency markets using the Trend/Wave/Extreme system . You can read about the system here. Please read our Risk Disclosure and Terms of Use  prior to making a trade using this information.