Technical Analysis:
A small Head and Shoulders Pattern is evident on the chart. A break of 91.600 exposes the first target at 90.700.
93.00 has of late proved to be quite the Resistance Level as the pair failed to achieve a daily close above this handle with two notable failed attempts on the 9th and 12th of October daily candles.
It is important to note...
UPDATE: Target 1 Hit. Profits Booked on First Position.
UPDATE 2: Target 2 Hit. Profits Booked on Second Position.
2 CADJPY Short Positions Triggered with a dip down below the 200 SMA on H1 TF.
Fundamentals
Recent OIL Prices Devaluation, Canada's Seemingly Recessive Economy and Risk Aversion Vibes are all factors that may contribute to a weaker CAD.
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Update 1:
SL was a little too tight. In reality SHort is still in play. SLs can't be moved on TradingView.
Update 2:
TP was hit at 121.423
Technical Factors:
I like the Tweezer Tops on H4.
The pair is currently trading below the 200,100 and 50 SMA. They are now dyniamic levels of Resistance.
H1 has a number of rejection candlesticks off 122.900...
Might be difficult to get this ball rolling with a smooth start but in the event of a proper channel breach (pictured) and a solid daily close below 1.100 , there's about 550 Pips on offer till the March low of 1.045 if risk aversion truly kicks in, coupled with a rapid devaluation of the EUR.
The EUR is currently a moderately risky asset to hold what with...
