USDCAD SHORT incoming
USDCAD looks to be setting up for a nice short, its not quite ready yet and needs to break this small consolidation range and then fail at around 1.46 which has a major resistance zone.
The idea has a number of confluence points with the DXY looking top heavy and too coinciding movement hitting a major resistance above 110 at 113.
NFP news was good for the dollar which we saw it pump. More fundamentals in the near future will determine the WHEN for this move to start.
Technically we are poised for the reversal with a target of 1.39, a support area and 0.618 fib zone.
Currently we are trading at the high end of the trend with the RSI stating overbought territory.
This may not play out next week and may take another couple of weeks. Forth coming events are USD - inflation rate data and CPI.
Do you own analysis and please let me know your thoughts.
The idea has a number of confluence points with the DXY looking top heavy and too coinciding movement hitting a major resistance above 110 at 113.
NFP news was good for the dollar which we saw it pump. More fundamentals in the near future will determine the WHEN for this move to start.
Technically we are poised for the reversal with a target of 1.39, a support area and 0.618 fib zone.
Currently we are trading at the high end of the trend with the RSI stating overbought territory.
This may not play out next week and may take another couple of weeks. Forth coming events are USD - inflation rate data and CPI.
Do you own analysis and please let me know your thoughts.
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