The Canadian Dollar smaller timeframe.

Hello Dynamic Traders,

Firstly John, could you please contact me, as I have tried to send you an e-mail five times now but keep getting it returned. Thanks.

Today I thought I would show a smaller timeframe chart of the CAD on the 4 hour scale.

The shorter term trend on the higher timeframe is down, and as can be seen from the image below the longer term trend here is also down.

Due to these two points and also other confluences which you should find including the fibonacci retracements, round numbers and overbought RSI I am waiting for a shorting opportunity.

This is not to say that price will not continue to rise to at least the higher retracement, but I shall await a possible trigger point to add my final confirmation and trade accordingly.

As always please do your own analysis before trading.

Charts courtesy of AdvancedGet

Good luck.

Clayton Farnworth.