Description
⋅ Possible short opportunity.
Price has been rising in the descending channel.
We could see price reject at previous support and the 50.0 fib level.
Or, Price could reach resistance of the channel and reject at the 61.8 fib level.
The overall trend of this pair is bearish so I am more interested in going short on this pair with 1 of these 2 scenarios described above.
As always I will look at indicators and moving averages as well as price action, trend, and fibs in order to give as high a probability as possible.
Fundamentals
CAD currently strong and so this is likely to push this pair to the downside.