USD/CAD update

USD/CAD D1 chart

Currently the price is on the bottom line of the rising channel. Looking at MACD indicator, it seems that we can expect more decline on the following days. Both the stochastic and RSI indicators are in the oversold area that if they stay on there could prove for more downward movement for the price. ADX line starting to confirm the trend by making a rising line.

I'm planning to take the profit just above my 1.0280 line and set another sell entry if the price tries to break that level.

W1 chart

W1 chart looks like the price is testing again the bottom line of the channel. A break of bottom channel line confirms of end of the bullish trend.

M1 chart

Looking at the M1 chart, all indicators are signaling for the bears to take over. Stochastic just went out of the overbought area but MACD indicators does not confirm yet of the bearish trend. But we need to take note that we are just on the 1/3 of the month so anything can still change on the indicators.