Memet
Short

USDCAD - SHORTING OPPORTUNITY - DAILY -

FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD Daily gave us a clear bearish engulfing in a trend line support area ... It is a clear indication of reversal... The two hour chart has also given us a reversal bearish engulfing on support meaning it is time to enter short! I believe this trade is a opportunity with profit ratio of 1:3...

Always keep your risk management in check!




Memet.
Comment: **UPDATE**

HIT TARGET>>> Well Done to everyone that joined!
Terrible oil inventories today so may be in luck for that downtrend although oil prices have just broken an upward wedge which usually means lower prices, though I have seen the price break back into the wedge on a few occasions
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Memet pipinsight
@ccsalway, Lets see what happens...
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Not sure the world is ready to buy CAD yet considering 13% of its economy is Crude which is still on the decrease. After Crude, its biggest economy earner is Cars at 12%. So until Crude increases in price, USDCAD wont be a short.
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Memet pipinsight
@ccsalway, I'm more of a technical analysis trader so I don't really mind the news or their economy.. As long as my risk is in check... I believe the same support and resistance rules apply to any chart so I just follow my set rules and conditions!
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@Memet, Sure, S/R works for any chart, any timeframe, but trends have break-outs and knowing whether a trend is going to continue or break-out is based mostly on fundamental data. Anyway, lets see. America still has wars and I just read N.Korea are testing it's nuclear arsenal for a 6th time.
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Memet pipinsight
@ccsalway, Totally agree, lets see what happens... Just keep risk on point as thats what separates the good traders from the bad! I dunno what the hell N.Korea are trying to do!
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