The Canadian Dollar.

Good morning Dynamic Traders,

Todays chart is of the CAD on the daily timeframe.

If whilst doing your analysis you first take a look at the weekly chart as you should always do as a matter of course of your routine you will see that this timeframe is showing a possible bearish flag pattern.

On the daily, price action is currently standing at a fibonacci retracement and extension cluster and figure, with the extension being slightly higher at the former resistance and again a good '00'.

Also in play with this is the V.I. and GetStochastics hooking down with no false bar.

This action has provided a triangle formation with the trendline and so await a break either way for direction to use your ESLT.

As always please ensure to do your own analysis before taking any trades.

Charts courtesy of AdvancedGet.

Good luck and have a great weekend.

Clayton Farnworth.