So here it is, I think we will see about 80 pips downward movement of USD/CAD tomorrow and the day after that. There is a resistance somewhere around mid October, 2015 and a lot of different indicators suggest that it will be a down movement. Even though there is a two bar daily uptrend, CAD has always gone down for the past few months, and so taking a two day movement over a general trend is a bit of betting against the whole market. So in overall I think the next daily bar in USD/CAD will be about (on average) 80 pips down. However, if you look at 22 Jun to July (2015) daily chart movement suggest we will see an uptrend. There is no big news hitting the market for the next two days. Now the question is where would it go. I stick with believing it will go down. Because the trend on 22 Jun to mid July was the reverse (it was in a long uptrend back then).
What do you think?