Marked on the chart you can see support zones, these are target areas for price to reach and bounce. Now the last target zone is over 1000+ pips away so if you are looking for a quick trade then i wouldn't follow this.
Reasons for this trade, price has been very bearish for a few months now and i can only see that continuing, price this week came down and touched...
1.29500 is a key strong level that has been respected as both support and resistance before as marked on the chart by my purple arrows, price has hit this level and bounced numerous times making it a very strong level.
Now as this level is 200 pips away i am selling down to this area where i will look at taking BUY trades, So bears should push price down to this...
USDCAD is weakening having hit WR1 resistance 18 bars ago (18 hours). The BULLS have tried mightily to push the price higher but a series of doji indecision candles is confirming or perhaps suggesting the BEARS are about to take control.
The price is nicely held under the 5m 200ema and the charts look ever BEARISH.
Jump on board and ride this train down to 1.4000...
I missed the original entry on this one, however if we get a pullback, I will be looking for another short trade on this pair.
Weve had a nice clean break of the 50MA and several rejections of the descending trendline and the resistance zone.
Daily is showing a clear downtrend with new lower highs forming.