USDCAD short
USDCAD has been making lower highs and lower lows indicating a bearish trend. From a technical analysis point of view , I am waiting for a pullback into the .61 fib retracement zone where there is confluence from past selling levels. My take profit will be the previous low point. The risk is quite high with this entry , so I will enter with a lower lot size and aim to get a 1:2.31 Risk/Return (Risk of 82 pips) . My second entry is at the .786 fib retracement risking 46.1 Pips to gain 210.5 Pips. I will only enter if price gets rejected from my zones with clear price action.
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