FXBen
Short

USD/CAD SHORT TO 1.2000

FX:USDCAD   U.S. Dollar/Canadian Dollar
HAVENT POSTED ANYTHING FOR A WHILE ON HERE SO HERS SOME ANALYSIS TO SHARE WITH YOU GUYS. USD/CAD             HAS BEEN BEARISH FOR A LITTLE WHILE NOW AND STILL HOLD THAT BIAS ON THE LARGER TIMEFRAMES. AFTER SOME UPWARD MOMENTUM THIS 4HR TF HAS NOW TURNED BACK BEARISH AGAIN WITH A BREAK AND RETEST OF THE 1.2360 SUPPORT/RESISTANCE ZONE.

THE RETEST WAS ALSO A 38.2 FIB RETRACEMENT LEVEL AND WE ARE NEARING THE DESCENDING TRENDLINE FOR A THIRD BOUNCE. PROVIDING WE GET THE BEARISH PRICE ACTION TO CONFIRM WE WILL BE TAKING SHORT TO THE -61.8 FIB EXTENSION LEVEL WHICH SITS AROUND 1.2000. AS ADDED CONFLUENCE WE ARE OVERBOUGHT ON THE STOCHS AND LOOKING LIKE THE RSI COULD MOVE BACK BELOW 50. PRICE ACTION LEADING THE WAY FOR IDEAS AS ALWAYS BUT LITTLE THINGS LIKE THAT CAN BE USED AS ADDED BACK UP TO YOUR IDEA
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