For the time being we will be staying away from trading USDCAD
. As you can see on the chart above there are a lot of data indicating a short position would be good at this time. We can see lower lows, and lower highs. We can see that we bounce off the trend line
and never break it. But then we have the resistance line that is outlined by the thick, red horizontal line. The break 1 week ago could be considered a fake-out as we have climbed back up to that level of resistance. Because of what is mentioned above we will not be trading this pair until we can see the bigger picture.
Always remember to trade wisely and don't just trade for he sake of it, if you do you may as well go down to the casino and waste your money that way.
The FX Option