Joe_Renshaw

Joe_Renshaw

In a downtrend if price does not break TL re-test could see more down movement. We saw a downwards spike for CAD pairs yesterday as the interest rates were cut making this pair overbought.

Joe_Renshaw

Sell

Joe_Renshaw

USDCAD has been in an upwards trend for a while now, I believe we may see a reversal as it appears to be in a overbought area and hitting resistance where by we may see it reject - a longer term trade idea.

Joe_Renshaw

On Sunday night at market open we had the third tap of ascending trend line where after price rose, now we are approaching a descending trend-line around the 110.050 region where we could see a sell off back down to the 109 zone

Joe_Renshaw

Awaiting third tap of the trend line before price rises