UCAD: head and shoulders are forming

I’m not yet sure if we’re going to see the market continue moving higher through the daily supply zone or if we’re going to see it reverse and fall lower again. If it reverses and drops down to the demand zone, I think it would be worth looking for a long trade, but only if the drop down is slow and not sharp in any way. If the drop is sharp, I think it would be a sign we are possibly seeing the market reverse, but more price action will have to form before this becomes a valid theory.

For now I suggest you continue watching what the market does over the next few days. When the neckline wll be tested.

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The Canadian dollar and Mexican peso reversed losses and jumped against the dollar after trade officials said they were extending the negotiations towards a new NAFTA trade deal into next year.

The two currencies slipped against the greenback earlier in the day, amid reports that Canada and Mexico would not agree to U.S. demands. But their losses were reversed late in the day, after the negotiators announced they would schedule rounds to discuss revamping the North American Free Trade Agreement, into 2018.