As price moved over 150pips in our direction since my last publication (see link below for reference purposes); the Canadian dollar continues to benefit from the modest sort-rate spread between US and Canadian bonds. Friday's market watch posted a considerable gain for the CAD as it closed the day with an engulfing Bearish candle... this view at the market pre-empt me to consider a Bearish bias on this pair as I continue to look out for selling opportunity off sensitive resistance level on lower timeframes.
Tendency: Downtrend ( Bearish )
Structure: Trendline | Support & Resistance | Breakdown
Observation: i. Price action continues to fall within the confines of my Bearish Trendline represented on the chart.
ii. Breakdown of my Key level @ 1.31500 during the week (Thursday - 27th August) followed by a possible retest of this level is more than enough for me to initiate a SELL on this one!
iii. My 1.31500 level shall be a yardstick to hold my SELL bias in the coming week.
iv. Having explained this, it's pertinent that I state here that a Breakout/Retest of this Key level might render this set-up invalid as a Rally could be in the air.
Trading plan: SELL confirmation with a minimum potential profit of 120 pips.
Risk/Reward: 1:3
Potential Duration: 4 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Downtrend ( Bearish )
Structure: Trendline | Support & Resistance | Breakdown
Observation: i. Price action continues to fall within the confines of my Bearish Trendline represented on the chart.
ii. Breakdown of my Key level @ 1.31500 during the week (Thursday - 27th August) followed by a possible retest of this level is more than enough for me to initiate a SELL on this one!
iii. My 1.31500 level shall be a yardstick to hold my SELL bias in the coming week.
iv. Having explained this, it's pertinent that I state here that a Breakout/Retest of this Key level might render this set-up invalid as a Rally could be in the air.
Trading plan: SELL confirmation with a minimum potential profit of 120 pips.
Risk/Reward: 1:3
Potential Duration: 4 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
