USDCAD 1.35454 - O.13% SHORT IDEA

Good Day Everyone

A look at the USDCAD pair from mutiple timeframes

MONTHLY

* on the monthly chart we are still trading inside that ARC formation respecting it to the T,we are within a ascending channel as we saw the CAD gaining against the DOLLAR pushing down. seems like the bears a re still in control on the pair the sentiment is that we are bearish on the pair from the monthly perspective.

WEEKLY

* on the weekly we closed the week with a full bearish possibly signalling continuation to the downside from resistance level 1.36630, momentum is pushing to the downside on closing this past week looking for continuation to the down side on the pair.

DAILY

*on the daily we see the pair respecting the fibonacci retracement structure to an extent, we just pushed below the 50 % fibonnacci level looking for the move to continue.
the signal to go short on the pairwould be if we trade below that previos swing low and if we see significant moves and gains in momentum to the downside.

Good luck and happy trading everyone


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ENTRY & SL - FOLLOW YOUR RULES
RISK-MANAGEMENT
PERIOD - SWING TRADE

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If you like the idea kindly leave a like and a follow will definitely follow back and leave your idea & Comment on the pair in the comment section. APPRECIATE IT

Comment:

ON THE MONTHLY

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ON THE WEEKLY

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THE DAILY

Trade active

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Comment:

adjust sl to break even and hold risk free