theforexportal
Short

SHORT (SELL) on USDCAD at MARKET

FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD has hit the brick wall that is WR1 resistance at 1.4164. With USD weakening in the late afternoon US session this SHORT trade could play out. On the higher time frames the price is what I call "hanging" D1 being a good example of this. Price has bounced at 1.3848 but the downward pattern looks incomplete and the BEARS could possibly drive the price lower but CAD is still suffering from the crushing jobs numbers yesterday.This trade has a 54 pip STOP (entry 1.4136 and STOP at 1.4190) . TARGET is provisionally 1.3950 but will have to be reconsidered depending on whether the trade survives the Asian session tonight

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