We saw a sharp drop in USDCAD following the OPEC deal last night. We have seen some profit taking this morning with price moving towards resistance – will you sell at the 21? Keep a close eye on US Data – a strong Dollar could nullify this plan.

Keep an eye on the 21 on Daily. Should price break through the fib zone has been shown above.

Resistance highlighted in pink. Notice the fib zone and the WPP - could all play as resistance.

Keep an eye on the 21 - note that the 21 may be higher now than it will be in the future so price could fall before it gets to the 21 because price could currently be where the future 21 will be. Failing that take note of the central pivot cluster at 38.2 Keep an eye on smaller time frame charts - if you start seeing red candles with a confirmation of a reversal pattern on M5 or a lower low then sell the lower high or wait for the fall and then sell the pull back to the M15 21. Also keep an eye on oil.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.