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USDCAD - PREDICTIONThe Loonie broke the weekly support and we saw a freefall below 1.30. Really cannot see the USDCAD breaking back above 1.30 now with the DXY crumbling and oil prices climbing. The only question is where the pullback ends. I've highlighted a 1hr zone of interest in yellow, where price stagnated creating a potential shelf for price to retest. However, should this break, we should see a retest of the weekly support turned resistance before a further impulse. Remember, even though we expect a slight push up, we trade with the trend!
Short
by RealistFX
$USDCAD Breaks Support - Short to 1.285USDCAD Short position - Daily Chart Entry - 1.3016 Target - 1.2850 (166 pips) Stop Loss - 1.3091 (75 pips) Haven't published one of these in a while. I opened this trade earlier today. I was looking mostly at the current trend, price action, and the fact that price has broken multiple levels of support recently. I'm bearish generally on the U.S. dollar in the medium term (~3 months). Currently, 76% of retail traders on Myfxbook are long USDCAD, and that's not usually a great sign for the U.S. dollar. I'm risking 1.5% of my account on this, as things will be volatile between now and election day. Also, price is at an area of support on the daily chart and could rebound. I like that the candlesticks are below the Ichimoku Cloud, span line, 30EMA, and 200MA. The stop loss is located between the span line and 30 EMA and below a long term descending trendline. We'll see how it goes! -Zedro
Short
by Zedro
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