ICmarkets
Short

Anyone looking to sell the USD/CAD???

FX:USDCAD   U.S. Dollar/Canadian Dollar
142 4 5
Thanks to yesterday’s FOMC-induced rally, H4 action is currently trading just ahead of a nice-looking H4 sell zone. A broken H4 Quasimodo level at 1.3062, a psychological resistance at 1.31 and also a 161.8% Fib extension at 1.3080 (green circle) taken from the base of the H4 AB=CD bearish pattern collectively form a tight resistance zone. What is more, this H4 sell zone is bolstered by a daily supply seen at 1.3218-1.3086 adding extra weight to a bearish move being seen from here. However, the only grumble we have is the fact that weekly action is bouncing from support at 1.2833 right now and could possibly drive this pair much higher!

Our suggestions: We would not be comfortable placing a pending sell order at the 1.31/1.3062 region due to weekly price. Waiting for the lower timeframes to prove selling interest resides here is, at least in our opinion, the safer route to take. Of course it is down to the individual trader what method he/she utilizes to confirm such zones. We, nevertheless, are satisfied with the following: a break/retest of demand, a trendline break/retest or simply a collection of clear selling tails formed around a lower timeframe resistance line.
sanmshouse
6 months ago
i think a sell is three days too soon with the current FOMC statement we just might be seeing a strong buy potential from what i see i think it can move both ways
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ICmarkets PRO sanmshouse
6 months ago
Thanks for your comment S, it much appreciated!
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Mazenfx
6 months ago
Hello .. what is you sl plz . Because i already follow this great idea and open short postion at 1.3083 but i don't know where i should set my stop lose
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ICmarkets PRO Mazenfx
6 months ago
Hi M,

As we mentioned in the report, we did not place a pending order in the market, and there was little confirmation to sell on the lower timeframes so no trade was taken.

Only just saw this message, sorry for the late reply.

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