GBPCAD failing for the second time to close/breech the downward trend line, Monday's daily candle forming a grave stone doji off the downward trend line and hovering just above support at 1.65220.
The USDCAD however, rising from ascending trend line on daily, has breeched the 1.2550 level which coincides with a breech of the descending trendline on daily time frame. Will it hold?
weekly stochastic levels show a bullish momentum while daily stochastic levels in consonance posts a bullish momentum reversal lending credence to dollar strenght. on the 4hr time frame, the average directional moving index indicates strong bullish build up.
However, the murrey math levels on the 4hr time frame warn of an Arthritic up move or failure from here depending on daily close, as price has just come up against the 8/8,+1/8 and +2/8 murrey math level consecutively in close proximity. a confluence of resistances.
Notwithstanding, should we get a significant daily close above the daily trendline and 1.25560 level. we might be getting a move towards 1.27550 level in days or weeks to come.
In the news the USD strenght appeared to have spurned from John Taylor's Trump favored purported candidacy as likely chairman of the federal reserve.
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