USD/CAD: Shorting to 1.29490 (Playing the pullback)

Hey guys,

USD/CAD is showing decreasing volume in short-term timeframes.

I am shorting it to 1.29490 which is a fib level. I am basically playing the pull-back.

Happy friday!

Jesse

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Adding to my shorts

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Strong divergence

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The pair is ready for the pullback but the timing (Friday night) doesn’t help.

Will probably close the trade before the end of the session with small profits. Will wait a bit and close a couple of minutes before the end.

Too bad it’s Friday night :-)

Have a good weekend guys

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Some of you have been asking me in PM, yes the target is still valid.

Off until Monday

Best,

Jesse

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New target: 1.29540

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Patience patience :)

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I am shorting more

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I am targeting 38.2 fib level but it could potentially go all the way down to test the previous resistance zone which should now act as a support.

But I will not be greedy

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This little game is tiring don’t you think so? lol

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Still in the trade waiting to see if it is a false breakout or not. Divergence still in play

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Volume did not follow with this candle which makes me think that it could potentially drop from here. In wait and see mode

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As long as it stays at these levels I am keeping the trade. H4 OBV was also showing a divergence as well as shorter timeframes

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The trade was based on a strong resistance in the past where there was a strong divergence.

Trade still active

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Ideally I would like to see H4 below this line in 1.30 hour

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Would be great to have a close in 9 Minutes below 1.30

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I like this h1 candle :-)

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Will need some extra patience with this trade... hopefully not as long as with GBP/JPY :-)

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Ok guys, last update for the day.

@Buckz I hope this answers your question :-)

Best,

Jesse

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Personally since there are lots of red news for CAD this week and that CAD pairs are tricky I will go for the 1st target only!

This will be the last time I trade CAD pairs as well.

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it looks like the pair is not ready for a pullback yet !

Trade closed manually:

The assumption of a top was not right, the divergence is apparently not yet in play.

I will close the trade as soon as there is a pullback.

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Will try to post in the future trades based on shorter timeframes in order to get in and out the same day.

Stay tuned !

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Still in the trade , what a day with currencies !