Good day traders,
It’s another beautiful Tuesday, let’s waste no time in hitting our charts.
1. USD/CAD
USD/CAD on the weekly chart is an ascending channel, but I am sure you are wondering why the heck are we selling?
So, if you look closely, there is a rejection at the roof of the ascending channel (1.36643) on the weekly chart. This rejection has encouraged the bears to take price southwards.
If you look at the same chart, through the keyhole of the daily chart, you will find out that there is a breakout from an ascending channel, this MAY further send price to the next possible support level (1.31780).
Mind you, this is not my typical setup, as it defies trend trading, however for those who trade such setups, be my guest.
That said, all of our Sunday analysis given yesterday are spot on. It’s not too late to pick an entry.
Wishing you all a great day ahead.
