CADUSD: New Channel - Key S/R Zone - Short!?
Good Morning,
After CAD/USD broke out of the descending trend line I had on my last chart it seems like now it could be forming a descending channel.
Price is approaching a key S/R zone and also the top of the channel, it looks like currently price is bouncing downwards off this but we will have to wait for the 4hr close.
Once we have confirmation this could be a good short as it seems dollar strength might be gaining pace - good NFP numbers will be driving the dollar potentially and on the other pairs I trade I am starting to get a sense of dollar strength.
I will wait patiently to see what the next move is - if price does break up then there is always potential for a short term buy on the bounce off retracement back to channel or SR zone.
Let me know what you think!
After CAD/USD broke out of the descending trend line I had on my last chart it seems like now it could be forming a descending channel.
Price is approaching a key S/R zone and also the top of the channel, it looks like currently price is bouncing downwards off this but we will have to wait for the 4hr close.
Once we have confirmation this could be a good short as it seems dollar strength might be gaining pace - good NFP numbers will be driving the dollar potentially and on the other pairs I trade I am starting to get a sense of dollar strength.
I will wait patiently to see what the next move is - if price does break up then there is always potential for a short term buy on the bounce off retracement back to channel or SR zone.
Let me know what you think!