Tom_Killick
Short

USDCAD: Sell Set Up #Forex

FX:USDCAD   U.S. Dollar/Canadian Dollar
164 4 8
Traders,

UPDATE: Price broke a sideways support within structure, it has broken out now is a good time to get some downside activity.

Compelling bearish signals at the top of the range at the sideways resistance line shows investors clearly
acknowledged this level as a place for potential downside opportunity. It appears the bulls have been swiped and a new downside agenda is clear. Expecting to see strong lows from this move, with a logical target being the sideways support level , bottom of structure. Crude Oil             prices continue to rally, meaning it makes logical sense to consider shorting Canadian dollar             crossovers.

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Seem to have a strong support level at 1.3380?
+1 Reply
@invinci, I think there's enough momentum to break that support, however, there is a strong support @1.3240's level.
Reply
invinci Tom_Killick
@Tom_Killick - do you see a catalyst to push through the 1.3380 level or purely price action?
+1 Reply
@invinci, Yes. There is compelling price action supporting downside. I also think Crude Oil will rally more into the highs. As the move isn't over yet in my opinion.
Reply
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