Alerts went off this morning on the CAD pairs (USDCAD, EURCAD, CADCHF) with some intraday price action. Price spiked up on these pairs (down in the CAD) for the first part of the US session only to slam back to below the session opens. I'm going to play this as a confirmation of the countertrend pullback within a full reversal of the CAD's recent run-up. I want to play the move down to a target around 1.38 on USDCAD; the 50% retracement of the run-up.
Trade active
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Both pairs have worked out. EURCAD was my pick and this morning it gave another price action signal. We will see if the bear trend will continue for longer.