Expecting further downside on this pair after breaking the previous significant structure. We are working with the small bear flag patterns that are being formed on the way down in the hope of a major downside move.
I have entered this trade because:
- The COT data is supporting our decision - After viewing and analyzing CAD base pairs, I have come to the conclusion CAD could continue to strengthen against the NZD - We are now trading below what was the previous significant structure, this level can be now used as a rejection zone for further continued downside.