Is the Loonie starting to feel the burn?

Morning Dynamic Traders

Looking at the Loonie yesterday we can see that price had fallen back to where it began on Monday. At the end of my update yesterday I said “from looking at some of the indicators it looked like the fight was taking its toll” and I was right.
I will go through some of the signals, if you haven’t already been able to see them.

Below is the day chart. You can see that this is the 4th time that price has made an attack at the resistances line and failed. This clearly indicates the strength of this resistance line, which is also at a very strong RN. We also have MACD divergence. So far from one chart we have 3 confluences of events supporting my theory from yesterday that price would be going down.

Below is an hour chart and you can see the same MACD divergence that’s on the day chart, also on the MACD we had a sell signal, and after that came the big drop in price.

Tomorrow I will show how you could have made money on the Loonie fighting to get out of the range.

Today like everyday this week the Loonie has started strong. Will the Loonie continue to fight or will it drop further in price? I look forward to finding out tomorrow what happens today, and for our next riddle?

Happy Trading

Richard Monnery