USDCAD Potential Short Signal

FX:USDCAD   U.S. Dollar/Canadian Dollar
With USDCAD             being in a severe downtrend since the beginning of 2016, as shown in the image below, we are only looking to take a short position on this pair.

In order for us to execute a short position on this pair we will need to see price action break below this blue short-term up trend line that is acting as support. We will also see confluence from our proprietary price action forecasting algorithm that supports a move to the downside with a chance performance prediction of 85% or higher. If we do break-out to the downside we can expect to see it move with some strong momentum that we can enter in on.

Currently our algorithm is forecasting some consolidation, then a sharp move up, followed by a quick reversal to the downside with a chance performance prediction of 88%, however we will continue to monitor price action and the forecast updates from the algorithm. Please see the image below for the current forecast on this pair.

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