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USDCAD - Short Idea

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Dólar Americano/Dólar Canadense (FX:USDCAD)  
thetraveltrader  
FX:USDCAD   Dólar Americano/Dólar Canadense
Trend Analysis Chart Patterns Technical Indicators Forex forexsignals forextrading USDCAD usdcadshort tradeidea
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trendanalysis chartpattern indicator forex forexsignals forextrading usdcad usdcadshort tradeidea
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


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