UmarAbdurRehman
Short

USDCAD NFP Big Short ahead (Very Important Analysis)

FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD have been a nice runner from yesterday after BoC announced rates decision, at the moment bigger picture is showing signs of weakness and to me personally it looks like market is likely to leave a multi-weeks high here as I can see momentum is weakening across the board though price rallying quite sharply.

We have NFP & Canada's unemployment figures tomorrow so I am expecting the market to consolidate for a while till news tomorrow and a start of fresh falls thereafter.

My trade plan is to build short positions on this market once it starts moving in my direction, it will be taking few days to meet the target so be patient as this is likely to be a big trade.

Trade Safe & Good Luck with it.
Thanks for your support.
Comment: Please read it carefully.
Trade active:
Trade active: https://www.tradingview.com/x/gPvXereK/A lovely runner so far, will be looking to add into my positions next week if it keeps playing out.
Comment:
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now ,double tap ? i buy cad/usd 8912(19,mar)
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ggs111 ggs111
@ggs111, 7481
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Hi Umar, Thanks, this is a very interesting analysis... May I know your opinion, do you think USDCAD will started a downtrend till 1.29 after the latest NFP? cause that would be a great entry if there's possibility for the chart going bearish.
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@redzal, Hey, i have shorts around 1.34 area - it is probable that its reversing but you never know, let see how it unfolds this week,
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redzal UmarAbdurRehman
@UmarAbdurRehman, I see, thanks for the great sharing! well I too have a shorts on this one as well, so I really hope it is going to do a downtrend..
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Nice I took that trade!
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UmarAbdurRehman YoussefMehni
@YoussefMehni, good to hear that.
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It has started... (but what triggered it? I don't usually watch the fundamentals. Messed up my promising shorts on the CHF and JPY pairs, though...)
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@Domsax48, Hey I am purely chart reader and find all the opportunities from charts, but you have to keep a check on the economic events so you are aware of the volatility.
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Good Job! Omar. Came out perfectly.
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