I am currently in a downtrend trade and have taken 380 pips profit.
Been studying USDCAD a long time. I am looking for the next key level to participate in this pair.
-If we see a bounce of the 50MA and a move down then expect longer term support to be the line to watch for entries
-For the alternative scenario, watch for the shorter term scenario.
In line with my trading rules, I will happily short at a bounce of the 50MA and down to the leg required. Whether in intraday trades, or bulk transactions. Whatever is appropriate.
Best of luck,