EURCAD has reached a zone of strong previous rejection.
Touching 70 on the RSI with Bearish Divergence and having entered this area of previous rejection sets up for a potential short with tight stoploss above the area of rejection.
CAD CPI numbers came in line with expectation today with a continuation of trend but we're looking short term overbought with very positive risk/reward possibilities for shorts.
Touching 70 on the RSI with Bearish Divergence and having entered this area of previous rejection sets up for a potential short with tight stoploss above the area of rejection.
CAD CPI numbers came in line with expectation today with a continuation of trend but we're looking short term overbought with very positive risk/reward possibilities for shorts.
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Since then price surged toward the area of rejection and broke through with momentum. At the time of writing it's retraced into that previous area of resistance - will the resistance become support?