Has it reversed??

Good Morning Dynamic Traders,

Slight dull start to the day, but that doesn’t mean our trading has to start in the same fashion.

I was going to move on to another currency this week, but I have decided to stay with the CAD for another week.
In the 4 hour chart below you can see that on Monday price did reverse and started to climb, and it climbed fairly quickly. This morning however price has slowed dramatically and looks to be dropping, what’s going on? It’s time to take a butcher’s!!
In the 4 hour chart below you notice that price climbed and then dropped at a RN, and I have drawn in a resistance line, which was used earlier as a support line when price was falling.














I’m afraid to say that it is now a waiting game to find out what is happening. This could either be a flag and price is chillin before it climbs some more, or could it be that the resistance line will be knocking price back to the support line that price climbed from. See what you think?
Here is some food for thought, price is currently hovering around a Fib breather level which helps support the theory of price being in a flag, but is this enough?

Happy Trading

Richard Monnery