USDCAD ahead of the employment data.
This pair is offering us a chance to play a very dangerous game called "Range Break-Out".
Trend is clealry up, so longs should be prefered but one thing causes trouble. The fact that price has not found momentum to break the 2014 March highs makes me very cautious. So keep that in mind.
What supports the shorts? Well, the double bottom that just formed with the last leg lower does not look very good as it is a clear SL area fo the bulls right now. Price may be interested to take out some longs and correct lower before eventually turning higher.
All in all - as mentioned above, current situatsion is quite dangerous. Time will tell how it is going to play out.
Trend is clealry up, so longs should be prefered but one thing causes trouble. The fact that price has not found momentum to break the 2014 March highs makes me very cautious. So keep that in mind.
What supports the shorts? Well, the double bottom that just formed with the last leg lower does not look very good as it is a clear SL area fo the bulls right now. Price may be interested to take out some longs and correct lower before eventually turning higher.
All in all - as mentioned above, current situatsion is quite dangerous. Time will tell how it is going to play out.
