USDCAD: Probably Pulling Back of Resistance Confluence! Short

U.S. Dollar/Canadian DollarFXCM

Description

⋅ Dec 23, 2014 2:50 AM

The pair has been trending strongly higher, however price hits a major resistance juncture and a confluence of long term technical levels.
-161.8 extension level for the latest bearish wave
-Main channel ceiling
-Short term channel ceiling
-Main Horizontal resistance level over the weekly chart

I expect a bearish pullback towards a retest of 1.1455 area as a minimum target.

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My best regards,
Technician

Comments

moneymaking

⋅ Dec 23, 2014 3:27 AM

Thanks and Good luck!!

Technician

⋅ Dec 23, 2014 6:15 PM

To u too mate

IvanLabrie

⋅ Dec 23, 2014 6:22 PM

Bagged some 30 pips in 5m...looks like clear manipulation with the timely release of the bullish US news...go figure ;)

Technician

⋅ Dec 23, 2014 7:17 PM

yeah it looks a very good level to scalp some shorts around

IvanLabrie

⋅ Dec 23, 2014 3:07 AM

Good luck, I was looking at this myself too.

jangseohee

⋅ Dec 23, 2014 11:53 PM

tradingview.com/v/KWNMEUrm/

metaldome

⋅ Feb 18, 2015 8:09 AM

I should have had an opposite day on this one. Big move.

moneymaking

⋅ Dec 23, 2014 6:55 AM

Hey Technician, are we waiting for the price to hit the 161.8% extension, in order to take a short position? Thanks!!

Technician

⋅ Dec 23, 2014 6:17 PM

It depends on your risk profile, i have shorted after todays move higher at 1.1650

moneymaking

⋅ Dec 23, 2014 6:18 PM

Awesome, Thanks!!