USD/CAD has respected a rising trend line for the last three weeks with multiple touches and confirmations. Since then, price action stalled at the .768 fib level and weekly candle closed with a break below the RIsing TL with a long upper wick, signaling exhaustion and a turn in market sentiment. Looking for shorts at 1.325 and pushing for a retest of the 1.30 psychological level (BRN). Trade what you see and not what you think. If 1.325 is taken out look for buys to most recent highs. Be safe and follow me to freedom!
Comment:
Price action is resisting the 1.325 level, however, knowing interbank workings could lead me to believe they will push the market higher and hunt for stop losses. Trend will resume once the too weak to hold are out of the market.
