A_JAY

A short pip trade on USDCAD to 1.2000

Short
FX_IDC:USDCAD   U.S. Dollar / Canadian Dollar
I believe that this currency will hit my target 1.2000 sometime this week or either next week. This pair has been trending for quite sometime after it made a higher low in the in the 1.3000 price range highlighted with a purple box. My fibonnaci retracement levels were also drawn on the chart for added confirmation. The C retracement corrects right onto the down trendline where price made a higher low, and this was a major confirmation for a downward movement. But also, the engulfing candle sticks right after the fib C correction was another major confluence to support my analysis. Price may continue to fall if it breaks my major up trendline if it does not you can look for a 1000+ pip LONG trade back to 1.4000 or 1.3500. FX_IDC:USDCAD