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.
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You may add in this zone:
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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.
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Still choppy, but it could be viable to reenter. Stop was hit sadly.
@RobbyWestHouston, already 11 pips in the money. If we don't rally back into yesterday's range, it'll just sink really fast.
RobbyWestHouston
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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.
IvanLabrie
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@RobbyWestHouston, Yes for some time. It's mostly in a range for now. See my weekly DXY post.
Good luck!
MorshedMustafa
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I'm new to this. It should resume general downtrend shortly?
IvanLabrie
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@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.