US/CAD - Further downside towards 1.2670 expected
Date: 30th January,2017 by Timothy Straiton
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Current level at the time of writing is 1.3154, trading close to the rising 40 week moving average of 1,3151.
The 14 week relative strength index reveals a strong negative divergence while the rising trend support line, drawn from the July 2014 low of 1.0626 has been broken. Initial downside target is 1.2670, which corresponds to the Fibonacci 38.2 percent retracement measured from the high of 1.4689 made in January 2016 to the low of 0.9403, made in July 2011.
The above represents the opinion and analysis of Mr Timothy Straiton, based on data available to him, at the time of writing. Mr.Straiton's opinions are his own, and are not a recommendation or an offer to buy or sell securities.
Mr.Straiton is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr.Straiton recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications.
Although a qualified market analyst with over 30 years experience, Mr.Straiton is not a Registered Securities Advisor. Therefore Mr.Straiton's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.