EURCAD

5 May 2023

As per the daily chart,

- There is an ascending trendline and we saw an impulse to the downside when the pair reached the strong resistance area.
- The daily and weekly RFI is indicating that the pair is overbought.
- I would like to see a breakthrough of the ascending trendline and the close of a daily candle below this trendline.
- I would then like to see a retest and rejection of the ascending trendline and then an impulse to the downside.

Please follow me if you enjoyed my analysis. Thanks

8 May 2023

Not

Update:

We have seen a close of a daily candle below the ascending trendline. We need to wait for a retest and rejection followed by an impulse to the downside.