albert.callisto
Short

USDCAD - short in sight with crowded lagging span area

FX:USDCAD   U.S. Dollar / Canadian Dollar
117 0 2
Tracing of main levels using weekly and daily Ichimoku show us the big picture. We are in a global bearish movement with a temporary bullish reaction. In H4, we observe that the lagging span has to go through a lot of various lines: Tenkan 1W, prices H4, Tenkan H4, Kijun H4, oblique H4 trend. This makes a lot of layers to cross.

As the H4 Kijun was broken, the price will probably try to head first towards the area of congestion I depicted in blue, but due to the dense concentration of lines described before, I expect it to be rejected in such a way that it will resume its bearish trend . This is where the short can be started. One obstacle is in the middle of the trade: the weekly Kijun that is quite a tough supporting line. Will price easily go through it? Not sure as always and we may see the price being pushed upwards against another level of interest like H4 Kijun. The weekly Kijun is an alert zone where the stop could be moved to breakeven. As profits, we can use the daily SSB             steps.
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