USDCAD: Looking for a retracement in a downtrend

FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD is approaching a serious support area as described in my chart.
We have covered this pair extensively with Tim West, in the Key Hidden Levels chatroom.
I had shorts from multiple levels and have covered them for now.

The trade here is to go long when hitting the support level on chart, using a wide stop initially, to then reduce risk and increase position size if proved right. Very simple strategy.
I'd risk 1% using a 1-3 ATR stop initially.

Good luck if taking this trade.

Ivan Labrie.
Time at Mode FX
Mar 07
Trade active: Touchdown.
Mar 08
Comment: We caught the low to the dime here.
If we close above the FOMC level at 1.3788, we can expect further upside.
Mar 09
Trade closed manually: Closed right after the CAD rate decision.
Mar 10
Comment: I went long again and already closed it. Now considering reentering since the downtrend time expires on close.
Mar 15
Trade active
Mar 21
Comment: Monitoring this one for the long side, downtrend doesn't seem to be complete yet.
Mar 24
Comment: I'm long from 1.30974.
Looking to add on retrace, or if we get another valid setup (like a nice base for a rally and a time at mode uptrend signal).
It would be logical to expect consolidation near the high volume price from the previous legs.
Price landed there today and got rejected slightly, but overall, I think it's safe to assume the trend reversed, or is due for a severe pullback.
Mar 24
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Related Ideas


I've already lost a fortune trying to go long in anticipation of that correction. I'm fed up with it. :-(
+1 Reply
IvanLabrie ForceFollower
Yes, that's how it usually works. When we give up, it's when it turns.
+1 Reply
ForceFollower IvanLabrie
Yes, you're spot-on!
What sl are utou using?
CoreyInvesFB CoreyInvesFB
IvanLabrie CoreyInvesFB
"I'd risk 1% using a 1-3 ATR stop initially."
Up to you.
CoreyInvesFB IvanLabrie
+1 Reply
IvanLabrie CoreyInvesFB
Good luck!
CoreyInvesFB IvanLabrie
Once again great call Ivan! Congrats to you and your team for all the great work!
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