• Bearish picture still intact for the US dollar against the Loonie
• The ascending trend line since June 22 has been successfully broken recently with several daily closes already below it
• Recent rally is attributed to a short term Dollar correction
• Bulls might re-test the trend line support turned into resistance line
• If they are able to break above it, odds will turn in their favors
• Bears will try their best to defend the trend line and keep the prices below it
• Recent rally seems to be corrective, targets Fibonacci levels highlighted on the chart
• We have seen resistance today around the 50% level at 1.3420
• The ascending trend line since June 22 has been successfully broken recently with several daily closes already below it
• Recent rally is attributed to a short term Dollar correction
• Bulls might re-test the trend line support turned into resistance line
• If they are able to break above it, odds will turn in their favors
• Bears will try their best to defend the trend line and keep the prices below it
• Recent rally seems to be corrective, targets Fibonacci levels highlighted on the chart
• We have seen resistance today around the 50% level at 1.3420
Ramzi Abou Abdallah, CFTe, CMT
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♦️ t.me/accu_trading