MarlyForex
Short

USDCAD -- [ SHORT ] ORDER FOR NEXT WEEK

FX:USDCAD   U.S. Dollar/Canadian Dollar
170 0 7
5 months ago
Display: FX:USDCAD            

Description: As shown above we have FX:USDCAD             . Currently we are Bearish , we have been in a
downtrend/Bearish channel since Late Janurary .Price started to narrow out beginning of May, Which we then saw a Bullish Leg out of the lows 1.24550 Historic Key Level
located at Prev Monthly Resistance.

With the FX:USDOLLAR             & TVC:DXY             gaining Strength Early stages
of last week we had a 450 pip Bullish move of the 61.8 retracement of the bullish leg. Price has now reached Strong Trendline Resistance ( ORANGE TL ) at 1.31400 ( M
RES ) With the mentioned USD pairs also showing signs of exhaustion at those levels.

Not to Forget FX:USOIL             considerable rise from around the same time period late January - Early Feb.
On USD Strength last week we saw OIL             decline, however the current Scenario with Oil             (Possible Long Retracement) coincides with my Short USDCAD             outlook

Using these indicator/s: : Weekly: 20,50 EMA acting as magnetic Resistance Daily:200 EMA safer Resistance 20,50 EMA Resistance
[ RSI ] : Weekly ASC Trendline, Daily TL Resistance ( ORANGE )

Duration: Long Term ( SWING )

Decision: I will short either on a retracement between 0.50 & 61.8 with TL Resistance OR On a break & Retest of the TL down into the ASC Trendline//Key Level.
Extended targets being Prev M Supp

Trade Setup:
Entry: 1.28700
TP 1: 1.27550
TP 2: 1.26900
TP 3: 1.25100
SL: 1.29250 - 1.29800

Thank you for viewing my idea. If you decide to take this trade,please leave a comment and a thumbs up. I will be happy to stay in touch to see how the setup is planning out.
Your also welcome to post you analysis below.

Remember to always trade your stratergy... Happy Trading

Useful Information:

TREND: Bearish

INDICATORS: Moving average , RSI

ATTACHED CHART : YES
5 months ago
Comment: CHART ATTACHED: USOIL (WTI)

snapshot
5 months ago
Trade closed: target reached: Profit taken before Brexit
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