USDCAD short
Updated
USDCAD short setup is still in the making, not yet ready. The pair is in a downtrend and has reached significant resistance zone at 1.30100. Several indications are pointing towards downward continuation move.
The price has reached Daily resistance zone of 1.30100, which is also a 61.8 Fibonacci retrace zone and a Monthly pivot point (MPP). RSI is reaching overbought area.
Looks like the USDCAD short setup is ready, if todays candle will do the retest of yesterdays high, which touched the MPP and RSI has time to reach the overbought zone.
The trade setup for me would be:
Entry - 1.29950 area
SL - 1.30850 area (~130 pips)
TP1 - 1.26650 (~300 pips)
TP2 - 1.25430 (~420 pips)
TP3 - 1.24500 (~500 pips)
The price has reached Daily resistance zone of 1.30100, which is also a 61.8 Fibonacci retrace zone and a Monthly pivot point (MPP). RSI is reaching overbought area.
Looks like the USDCAD short setup is ready, if todays candle will do the retest of yesterdays high, which touched the MPP and RSI has time to reach the overbought zone.
The trade setup for me would be:
Entry - 1.29950 area
SL - 1.30850 area (~130 pips)
TP1 - 1.26650 (~300 pips)
TP2 - 1.25430 (~420 pips)
TP3 - 1.24500 (~500 pips)
Trade active
In my view, the trade might get triggered this week. The bullish momentum seems dying out, the daily candles are bullish, but smaller and smaller. Also The 61.8 Fib level is still holding.I will watch this pair closely.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.