The Loonie

Good evening Dynamic Traders,

Tonights chart on the daily timeframe is the USDCAD, and once again the Loonie is testing its previous highs.

I am keeping this on my watchlist with a keen eye, as a possible reversal could be close at hand.

We have today tested the three previous highs together with the figure, which therefore are making it a stronger barrier but this is not to say that it will not get broken this time.
However if past performance is anything to go by we could see a decline in the near future, but as our Tutor says, ' you will only be wrong once ! ', and if this is to be the case here you can always use the trusted filter technique referred to often on these blogs.

As can be seen from the chart below we do have an OB Stochastic, and not shown is a diverging RSI.

Charts courtesy of TradeStation.

As always please do your own analysis.

Clayton Farnworth.