USDCAD has been trading within this 4 hour trading channel for some time now. After a strong push away from its resistance last week we can expect to see more downside on the pair with a target of approximately 1.29. The pair has broken out of its mini trend within this channel and retested its trend line as confirmation. A close above 1.315 will mean the short is invalid however support fundamentals are in play and the move appears to be solid. As always trade safely and move stop loss to entry once the trade is in your favor more than 20 pips. Best of luck
Trade active:
Great Bearish momentum. After Watching the London Cross last night it was easy to see the major banks put in some large orders corresponding with our idea. Move Stop Loss to break even and let the trade run until 1.29 area.
Comment:
Still continuing with out downward trend, It seems the pair is waiting on news to really start its move but Trump troubles and the USDX seem to reinforce our idea of the short position in this pair
Comment:
Expect some volatility with the coming news!
Trade closed manually:
If you put your SL to breakeven you escaped this pair without loss, if you let the pair swing through its volatile news last week you grabbed 50 pips. We will reassess this pair moving forward as it seems a wedge/new trend is trying to emerge.