SELL IDEA

USDCAD has just broken the neckline of what i can call a SHS at1.3450, this support has now turned resistance and is expected to hold back further rises, this is further confirmed by a descending trendline which holds the pair from moving high in the daily timeframe. while there is no guarantee that the pair will not continue higher in the next couple of day, presently the pair should be heading lower, initial target will be 1.3395 while a break there will lead down to 1.3339 support. the fall has not yet cut our 50 and 20ema therefore we will be selling on retracement...this trade will become invalid if prices goes above 1.3450 of above the 50ema.