informedtrades
Long

Canadian Dollar is Ready to Weaken

FX:USDCAD   U.S. Dollar/Canadian Dollar
I'm seeing signs suggesting that the Canadian dollar             , which has been strengthening over the past few weeks, is now getting ready to reverse and decline in value. For many CAD pairs like AUDCAD             , GBPCAD             , or USDCAD             , this means a long opportunity is information.

In the case of this particular chart, we are seeing hammers forming off a support level, at a 50% Fibonacci retracement level from a swing low to swing high. We are also seeing that price is above the 50 SMA and 200 EMA. I've placed my stop beneath the 50 and 200, which gives an extra barrier of protection, and am targeting resistance up at 1122. I'm risking 70 pips to gain 276, which gives me a reward/risk of approximately 3.94.

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