USDCAD - Short Idea
Following from the CAD strength last week and a further rejection of 1.3350 and the 78.6% we finally saw a nice impulsive move to the downside after what felt like weeks of indecision. As price has now printed a new Low on the Daily time frame (breaking 1.3200 structure) and correlating a bullish bias with CADJPY (inverse correlation), it would be logical to only look for reasons to sell this currency pair.
Confluences for a Short Trade are:
- New Daily Low
- Break & Retest of Daily ascending Trend Line
- Retest of Market Structure (1.3240)
- Retest of 1 Hour 50ema
- Multiple Rejections of the 38.2% Fib
Instagram: thetraveltrader (instagram.com/thetraveltrade...)
Twitter: Fx_ollie (twitter.com/fx_ollie)
Confluences for a Short Trade are:
- New Daily Low
- Break & Retest of Daily ascending Trend Line
- Retest of Market Structure (1.3240)
- Retest of 1 Hour 50ema
- Multiple Rejections of the 38.2% Fib
Instagram: thetraveltrader (instagram.com/thetraveltrade...)
Twitter: Fx_ollie (twitter.com/fx_ollie)
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