ChartAddicts

USDCAD: Shorts to 1.24000!

Short
OANDA:USDCAD   U.S. Dollar / Canadian Dollar
4hr Time Frame: Reading price action we can see that we are on a long term down trend and a short term up trend that is looking like it is going to reverse. Price is testing a key psychological support and resistance zone in confluence with a rejection candle. If price holds below this zone, anticipate shorts down to 1.24000. However, if price breaks above, we must reevaluate price action. Due to the uncertainty of market fluidity, risk management is highly recommended.