Investroy

USC/CAD: formidable price action. Time to drop?

Short
OANDA:USDCAD   U.S. Dollar / Canadian Dollar
As it can be inferred from the DAILY timeframe chart, the price has been ranging within the borders of the ascending channel for quite a while now. Recently, the price has been able to form a nice top and reject the upper boundary of the channel. Looking at couple of previous candle closures, we can identify that long wicks to the upside have nicely rejected the local area of resistance. From here, we are eyeing to enter short positions and aim for the zone illustrated on the graph.

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