USDCAD - Short Idea
Following from the CAD strength last week and a further rejection of 1.3350 and the 78.6% we finally saw a nice impulsive move to the downside after what felt like weeks of indecision. As price has now printed a new Low on the Daily time frame (breaking 1.3200 structure) and correlating a bullish bias with CADJPY (inverse correlation), it would be logical to only look for reasons to sell this currency pair.
Confluences for a Short Trade are:
- New Daily Low
- Break & Retest of Daily ascending Trend Line
- Retest of Market Structure (1.3240)
- Retest of 1 Hour 50ema
- Multiple Rejections of the 38.2% Fib
Instagram: thetraveltrader (instagram.com/thetraveltrade...)
Twitter: Fx_ollie (twitter.com/fx_ollie)
Confluences for a Short Trade are:
- New Daily Low
- Break & Retest of Daily ascending Trend Line
- Retest of Market Structure (1.3240)
- Retest of 1 Hour 50ema
- Multiple Rejections of the 38.2% Fib
Instagram: thetraveltrader (instagram.com/thetraveltrade...)
Twitter: Fx_ollie (twitter.com/fx_ollie)
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.