On Thursday, EU Q3 GDP Y/Y hits 1.2% slightly better than the expected 1.1%, and the Federal Reserve Chair Powell testified on Capitol Hill before the House Budget Committee. He basically used the same key phrase he used during the October Fed meeting, that a ‘material reassessment’ to the outlook is needed for a shift to the outlook on rates going forward. Friday is relatively light on the calendar, with the US retail sales for October the only high-risk event of the day.
Today I’m looking at the USD/CAD pair again which has yet to confirm above the daily Ichimoku cloud on its way to form the longer-term double bottom chart pattern. The momentum has shifted to bearish and it could go back towards the pivot levels of 1.3229 and perhaps even 1.3150 before attempting to break above the Ichimoku cloud again next week. Of course, trading in the financial markets involves a risk of loss and you should only trade the money you can afford to lose.
In my book, Ichimoku Secrets, I explain how this could be an interesting buying opportunity provided you’re willing to take the risk. For more on Ichimoku strategy development, don’t forget to grab the PDF version of my book, Ichimoku Secrets.