"Go on the Loonie"

Morning Dynamic Traders.

I would like to welcome Zaheer and thank him for joining me on this blog as I was beginning to get a little lonely. I hope he has as much fun doing the updates as my fellow bloggers and I do.

I have chosen to follow the USDCAD this week. I have chosen this pair because it has been in a range recently and it looked like it was about to challenge the range and breakout of it, until this morning with the arrival of a bearish candle.

Below is the daily chart, I have marked out where the range is. From looking at the chart is looks like price is trying to climb, but finding some very strong resistance at a RN.















If you had a long position open within the last 2 or 3 days, your warning signal about change in price would have come from the RN on the daily chart and divergence from the MACD on an hour chart.

If you’re now wondering, why you would have a long position on the USDCAD below I have posted daily chart again, showing the reasons for a long position. Price had come down to a fib cluster at a breather level, and the confirmation came in with a buy signal from the Stoch.














Although price is in a range it doesn’t mean that money can’t be made.

Tomorrow we will find out if price is currently chilling out before fighting the resistance again or whether price has been beaten and will fall and continue its journey in a range.

Till tomorrow,

Happy Trading.