Over this last year USDCAD
has been in a significant down trend and it has only been in this past month or so that the market has made any significant upside movement. However this upside movement was quickly rejected and price fell off sharply. The initial trade set up was a short upon price action breaking below the first short term blue uptrend that has is drawn on the chart. We may have a chance to follow this downward moving momentum if we can see price break below and close below this second and most recent short term blue uptrend line that is drawn. WAIT for price to break below and close below and then consider a short position. REMEMBER when you are trading WITH the overall direction of the trend the odds are significantly in your favor.
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