martin7
Short

USDCAD break the trendline this time?

FX:USDCAD   U.S. Dollar / Canadian Dollar
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Now I will risk 1% to short USDCAD , this pair might break the bearish flag it has been developing for las 6 months for the next reasons:

Fundamentaly:
-OIl is expected to shot up to 60. (Already broke $50 reistance psicological leve )
-USD raised rates(Not good)
-Let´s see which one of this reasons weights more

Technical:
-ABCD pattern has formed in the flag (Shown in green lines)
-Trendline resistance rejected
-1.3450 resitance rejected
-3er touch of trendline (Not good for further downside)

Trading is about controlling risks and maximizing profits so I´ll take 1% risk for a very long term trade in case this still continioues its downside trend

Comments

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