Charlieab94
Short

USDCAD Short Trade Set Up *WEEKLY PRICE RESISTANCE*

OANDA:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD looking very overbought right now. Price rejected the 1.38 weekly resistance zone and sold off nicely yesterday afternoon. I would like to see a higher low made now before the current 1hr bullish trendline might be broken.

If that happens then selling the intraday lower highs down to the next support zone around 1.33500 would be profitable.

Longer term target would be the weekly bullish trendline shown on the chart. If Crude Oil manages to bounce from the current lows around $30bbl then this would also assist with CAD $ strength and send USDCAD downwards.

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Mar 11
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