USDCAD - Potential short
Updated
Looking at this potential USDCAD short set-up this coming week.
There are a couple of confluences hinting at a possible entry in the next few days, those include;
- Strong bullish push to the upside over the past couple of weeks.
- 200 EMA potentially acting as active resistance.
- Upward sloping trend line also offering potential resistance.
- Potential higher high forming after a bearish run over the past months looking to change potentially.
Factors to consider that could swing this involve, TRUMP (trade talks with China, Iran, Election) The impact of these events on USD and the reciprocal on XAU and then CAD.
No pending order placed yet as waiting for more confirmation first.
There are a couple of confluences hinting at a possible entry in the next few days, those include;
- Strong bullish push to the upside over the past couple of weeks.
- 200 EMA potentially acting as active resistance.
- Upward sloping trend line also offering potential resistance.
- Potential higher high forming after a bearish run over the past months looking to change potentially.
Factors to consider that could swing this involve, TRUMP (trade talks with China, Iran, Election) The impact of these events on USD and the reciprocal on XAU and then CAD.
No pending order placed yet as waiting for more confirmation first.
Note
Market has shown some movement, however waiting for confirmation prior to entry for a short, ideally a re-test of resistance on the lower timeframes will provide an opportunity for entryOrder cancelled
Entry criteria not met so trade set-up invalidated and no order placed
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