MMQ_FX
Short

USDCAD - Rejection from 1.31 Psych Level with S/R Zone Retest

OANDA:USDCAD   U.S. Dollar / Canadian Dollar
US/Canadian dollar observed on daily timeframe .

Wednesday's daily closure illustrates a clear rejection of the 1.31 psychological level. By observing higher timeframes we can see this zone is a significant area of multiple price rejections.

Now price has managed to break the zone and complete the retest I am looking to enter a short position on the pair following a strong confirmation candle to the downside. As annotated on my chart we also have a bearish break of triangle giving further indication of where price is likely heading.

We can look to sell to 1.29250 area
Stop loss to be placed around 1.31100 giving good R:R ratio of nearly 1:3

Comments

Finally the bears have stepped in and from yesterdays daily closure we finally see some downward movement. Looking to ride this down to the daily low at 1.296!
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