USDCAD Trade

October 23rd USDCAD was near resistance just below 1.31 and I saw the opportunity to go short... stop was very close so risk was low... potential was good for a move lower... we got nearly 100 pips yesterday but prices bounced...

Price was swinging up and down inside a downward channel. Price got rejected as expected and pushed yesterday below 1.30. Now still trading below 1.31 looks like we are going to see below 1.30 again...

(Click on image to enlarge)

I have lowered my stop to break even at 1.3085 and look for a break of the upward sloping trend line support. If this happens we should see a push towards 1.29 at least if not lower.

(Click on image to enlarge)

Breaking below 1.29 will open the way for a push towards the lower channel boundary near 1.28-1.27.

Disclaimer: All persons and entities contributing to the content on this website, and their representatives, agents, and affiliates are not providing investment or legal advice on this website.Nor ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.