Charles

Charles

Don't fight the trend. That simple. You could try to fade a bounce as profit taking is clearly taking place 1.48 - 1.49, but the trend in sterling is clearly down... across the board. The pair just broke to the downside (well, a few weeks back) out of a multi-year triangle. Now triangles, especially to the downside aren't the most reliable of patterns, imho, but...

Charles

The catalyst I'm looking at for USD/CAD taking a short-term break was last Friday's +50k gain in jobs. Price failed to make a new cycle high, and although the uptrend isn't over, caution is warranted. Daily studies show clear divergence with price and price looks to be rolling over as well. Monday (today) saw a close under 1.0280, which pointed to a retest of the...