The USDCAD is setting up an interesting scenario.
The rally has clearly lost momentum and with the triple top, it confirms the lack of bullish support.
The RSI is giving us a divergence and the BB even showed a brief spike on the head.
There is a support below current price and price could stay in that range without a bearish catalyst.
Keep in mind that it's FED day today and news could influence this setup significantly.
The plan: keep an eye on it, wait until the dust has settled after news and then reassess the situation.
The rally has clearly lost momentum and with the triple top, it confirms the lack of bullish support.
The RSI is giving us a divergence and the BB even showed a brief spike on the head.
There is a support below current price and price could stay in that range without a bearish catalyst.
Keep in mind that it's FED day today and news could influence this setup significantly.
The plan: keep an eye on it, wait until the dust has settled after news and then reassess the situation.
I have been trading for 15 years!
> Trend Rider indicator: tradeciety.com/trend-rider-indicator/
> Free weekly trading webinar: www.tradeciety.com/webinar/
> Free blog: www.tradeciety.com/blog
> Trend Rider indicator: tradeciety.com/trend-rider-indicator/
> Free weekly trading webinar: www.tradeciety.com/webinar/
> Free blog: www.tradeciety.com/blog