Trader_Troy

USD/CAD shorts down to 1.3000

Short
FX_IDC:USDCAD   U.S. Dollar / Canadian Dollar
This pair did not present any intra-day longs so its back to the long term short bias. A lower time frame head and shoulders formed giving short opportunities. Prices are now back below key support and approaching an area of interest. If you are not in on this, shorts can be entered on a retest of 1.3280, a break/retest of the area of interest or a break/retest of the trendline (see previous posts for a clearer view). Dollar index is back below 100.00 and isnt much support before 97.00 so this trade should play out smoothly.
Trade active: Position entered at 1.32657, Stop loss at 1.32967 (30 pips), Take profit at 1.30257 (240 pips). Risk/reward = 1:8
Trade closed: stop reached
Trade active: Re-entered at 1.32252, stop 1.33069 (82 pips) take profit at 1.28750 (350 pips) for 1:4 risk/reward

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