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SirajHudda
Jul 26, 2014 10:01 AM

USDCAD Re-Test Structure, Is it Potential Trend Continuation? Short

U.S. Dollar/Canadian DollarFXCM

Description

USDCAD is Retesting the structure resistance level on daily chart. Potential trend continuation expected as price action retest the structure and then go lower. The idea is to go short for trend continuation trade with stops above the resistance levels. Targets can be Fib 38.2 and 61.8 of the rally. Aggressive traders can stay in trade with trailing stops as the price action can break previous lows.

This is just my analysis. Any suggestions or different analysis is welcomed.

Happy Trading!!
Comments
Casey_Yeo
Given the huge up candle last Friday, I'm expecting this pair to move further up early next week to test 1.0900-1.0960 level.
SirajHudda
That might be possible.
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