As Illustrated on the chart, the market would probably go short after it retraces back at the prices between 1.26446-1.26706, looking for the support area. Backed up with the moving averages as they move close to each other, indicating the possibility of a crossover down.
Normally when the market trends, It tends to move in waves of ABCD. Now the market is trying to form a point C to make a big move down to 1.24939. The possibility of this happening today is quite high due to economic news that will be getting announced later today.
NB: Economic news usually act as a catalyst.
Three major impact news on USD and CAD. The trade balance of each country's economy and the unemployment claims in the US which could weaken the USD.
This analysis is opened minded, let's wait and see how the market will play out :)
Normally when the market trends, It tends to move in waves of ABCD. Now the market is trying to form a point C to make a big move down to 1.24939. The possibility of this happening today is quite high due to economic news that will be getting announced later today.
NB: Economic news usually act as a catalyst.
Three major impact news on USD and CAD. The trade balance of each country's economy and the unemployment claims in the US which could weaken the USD.
This analysis is opened minded, let's wait and see how the market will play out :)