SO Price broke the previous resistance zone and so far is holding above, also holding an R4 breakout for now.
Some relief may come in the form of a retrace as this channel is quite steep and could easily break to the downside.
CAD News has not done any favors for the CAD bulls and for now this pair may be waiting for a hint at NAFTA news.
Positive NAFTA news "should" prompt some UCAD selling
Negative news from NAFTA or poor numbers from the employment report on Friday "should" lead to an extension of the bullish move OR some sideways trading.
Personally I would be biased short but the NAFTA negotiations could be a dangerous game to play with.
Some relief may come in the form of a retrace as this channel is quite steep and could easily break to the downside.
CAD News has not done any favors for the CAD bulls and for now this pair may be waiting for a hint at NAFTA news.
Positive NAFTA news "should" prompt some UCAD selling
Negative news from NAFTA or poor numbers from the employment report on Friday "should" lead to an extension of the bullish move OR some sideways trading.
Personally I would be biased short but the NAFTA negotiations could be a dangerous game to play with.