AlkalineFX

USDCAD - Market Open Traps

Short
FX:USDCAD   U.S. Dollar / Canadian Dollar
I would assume the majority of the market would have been rushing to sell USDCAD after it showed a bearish start at open, not to mention the so-called head and shoulders pattern break. I think the price has come up to wipe out the impulsive sellers ready for the true move to the downside, lets see how things go. We must bear in mind that today is a UK bank holiday and the volume will be thin.

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