MattSzwyd

Potential measured move on USDCAD to the downside.

Short
FX:USDCAD   U.S. Dollar / Canadian Dollar
I am currently short on a USDCAD trade with the expectation that recent price action will descend lower, retesting September lows near the 1.2100 handle. After retracing and rejecting 61.8% of the December 19 - February 2nd downtrend, price appears poised to fall lower on dollar weakness across the board. Stop is placed at 1.27150, right above resistance (point C) further bolstered by the 200-EMA. Take profit is placed at the 1.2100 handle, which retests September lows and completes an AB=CD measured move.
Comment: Copied from comments section:

Immense dollar buy-up ahead of tomorrow's FOMC minutes. Fortunately I have hedged this trade with an even larger AUDUSD short, but we'll see if our man Trump can make a comment about "unfair trade" with our neighbors to the North between now and tomorrow. Alternatively, the minutes may prove unsatisfactory and prompt a move to the downside. We shall see.

Comments

I'm also looking to short, just not yet. If USD keeps sucking in the longterm this could be another awesome short!

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MattSzwyd adambiers
@adambiers, nice nice -- looks like we need CAD to step in and keep USD in check.
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Immense dollar buy-up ahead of tomorrow's FOMC minutes. Fortunately I have hedged this trade with an even larger AUDUSD short, but we'll see if our man Trump can make a comment about "unfair trade" with our neighbors to the North between now and tomorrow. Alternatively, the minutes may prove unsatisfactory and prompt a move to the downside. We shall see.
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I like your idea, very straight forward.
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