OANDA:USDCAD   U.S. Dollar / Canadian Dollar
Potential CBO short for UCAD, has been ranging in a daily wedge / channel for a while now, with a recent overshoot to the upside momentum and volume has dropped especially after the initial rejection from the major resistance level , UCAD is starting to break down. We created a smaller up trend / rising wedge on the 4hr and have now broke the support and are retesting the 1hr and 4hr EMA , if we see signs of rejection and trend change confirmation from the rejection we'll get in for the longer term move to the downside, overall the market is sideways / bearish . Good confluence on all time frames with very little discretion technically. Fundamentally, at 1:30 ( GMT ) USD has the inflation rate (YoY) and data for jobless claims, we'll see how those affect the markets and do some du-diligence before we enter, it won't necessarily affect our strike decision, but we will take into account the positioning of our stop.
Comment: UCAD finally drops of after US service activity falls for first time in 4 years, this just gives CAD the strength it needs to push the US dollar to the next key levels, currently approaching / held up at a minor (1.32031) so we'll keep a close eye and see what sort of liquidity we have around this level. Stop is moved to 3 pips to remove risk.

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