USD/CAD and DXY Correlation
We see a clear rejection off the 127.2 extension on UCAD, looking for short back down to the 61.8 level to meet back with trend line. From there we will see.
DXY is ranging just above the 38.2 with a lot of upper wicks. It has formed a left shoulder and head so far, so it looks on track to complete a right should for the remainder of the summer and then a move back up to complete the H&S pattern.
looking at the dates for correlation, both pairs seem to meet at the same date to rally back up.
DXY is ranging just above the 38.2 with a lot of upper wicks. It has formed a left shoulder and head so far, so it looks on track to complete a right should for the remainder of the summer and then a move back up to complete the H&S pattern.
looking at the dates for correlation, both pairs seem to meet at the same date to rally back up.