After a fast break higher to a key daily resistance level, price immediately payed its respect and bounced. Now, price has confirmed lower by breaking the 100d, and price has respected this daily MA twice now. The hourly is yet to break, however the market closed as the 5m broke its key levels.
FUNDAMENTAL ANALYSIS
There are some key USD and CAD news this week, which makes this short a little bit more volatile and risky. Therefore, less risk will be loaded on, and a cushier stop loss will be placed.
SENTIMENTAL ANALYSIS
The sentiment seems to be an unsure bear. Key indicators are leaning towards a sell, however, the fast break moves have not happened.