USDCAD defended it's bearish sentiment slightly better than EURUSD defended it's bullish sentiment after the (albeit, low impact) Mortgage Applications released for US this morning came out strong.
This, coinciding with a break of my trend support and and RSI divergence leads me to commit to the short position as shown.
Overall r:r = 2.3
First target will be 61.8% fib, second target trend support (red line).
Trade closed: target reached:
Stop loss was moved down to 1st target (61.8 fib, 1.4794) and was hit relatively quickly. I believe the set up is still valid if you're in to continue the short down to the red support.