USDCAD Daily gave us a clear bearish engulfing in a trend line support area... It is a clear indication of reversal... The two hour chart has also given us a reversal bearish engulfing on support meaning it is time to enter short! I believe this trade is a opportunity with profit ratio of 1:3...
Terrible oil inventories today so may be in luck for that downtrend although oil prices have just broken an upward wedge which usually means lower prices, though I have seen the price break back into the wedge on a few occasions
Memet
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@ccsalway, Lets see what happens...
pipinsight
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Not sure the world is ready to buy CAD yet considering 13% of its economy is Crude which is still on the decrease. After Crude, its biggest economy earner is Cars at 12%. So until Crude increases in price, USDCAD wont be a short.
Memet
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@ccsalway, I'm more of a technical analysis trader so I don't really mind the news or their economy.. As long as my risk is in check... I believe the same support and resistance rules apply to any chart so I just follow my set rules and conditions!
pipinsight
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@Memet, Sure, S/R works for any chart, any timeframe, but trends have break-outs and knowing whether a trend is going to continue or break-out is based mostly on fundamental data. Anyway, lets see. America still has wars and I just read N.Korea are testing it's nuclear arsenal for a 6th time.
Memet
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@ccsalway, Totally agree, lets see what happens... Just keep risk on point as thats what separates the good traders from the bad! I dunno what the hell N.Korea are trying to do!