IvanLabrie
Short

USDCAD: Interesting sell setup

FX:USDCAD   U.S. Dollar/Canadian Dollar
USDCAD             has an interesting short setup here, after retesting a heavy resistance zone , apparently completing a terminal pattern, completing a correction before more downside. We can short on weakness, and short rallies to the 1.35 zone. Price shouldn't go above 1.35565 here, so place a stop there, rather simple.

Good luck,

Ivan Labrie.
Comment: You may add in this zone:

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Comment:
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Comment: Profit of 0.85% rising 1% total now.

Hold for at least 3 days after today.

Then we can decide if we let it run or not.
Comment: Still choppy, but it could be viable to reenter. Stop was hit sadly.
Yep!!! This is a super sell....
+1 Reply
IvanLabrie PRO RobbyWestHouston
@RobbyWestHouston, already 11 pips in the money. If we don't rally back into yesterday's range, it'll just sink really fast.
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@IvanLabrie, Yep it will...I think the dollar index has put in a top. So this should head to 1.30 before any kind of a bounce or pause before going down more.
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IvanLabrie PRO RobbyWestHouston
@RobbyWestHouston, Yes for some time. It's mostly in a range for now. See my weekly DXY post.
Good luck!
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T.P level???
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@johnjlw, hi, no to. I'll let it tell me where to exit.
+1 Reply
johnjlw IvanLabrie
@IvanLabrie, thank you
+1 Reply
I'm new to this. It should resume general downtrend shortly?
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IvanLabrie PRO MorshedMustafa
@MorshedMustafa, hi, it's possible yes, worth a try, since we're at the top of the range and against resistance, risk/reward is good.
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MorshedMustafa IvanLabrie
@IvanLabrie, Thank You
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