Fxprotrader
Short

USDCAD: Watch For Sell Setup A This Key Level

FX:USDCAD   U.S. Dollar/Canadian Dollar
2508 5 59
4 months ago
Price has reached at both the 0.382 fib retracement level of the previous impulsive downmove and the upper bond of the correction in which it has been moving for a long period of time. Most likely price will reverse from that point, so for the upcoming week we should watch for a sell setup to complete to short the market. In case price breaks through this level, we should wait for a pullback and watch for longs for a larger orrective structure.

Have a nice trading week..
3 months ago
Comment: It seems that we will have another rejection of the level today. A good sign that this level is full of sellers.
3 months ago
Comment: This week is coming to end and we based on my median line analysis we have a sell setup at this pair with price being rejected at a valid slope slide parallel. We better wait for Monday to get involve...
snapshot
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nxtleveltrader
4 months ago
Great analysis im planning on the same.
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Fxprotrader PRO nxtleveltrader
4 months ago
Thank you mate, good to know..
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margaux Fxprotrader
3 months ago
How would I look for the Sell set up to complete? Possible to short the USD/CAD pair at these levels above 1.33?
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Fxprotrader PRO margaux
3 months ago
It depends on your strategy. What is your risk/reward ratio for your setups? Where will you place your stoploss? Do you have a specific pattern you use to enter the market? All these and more than these questions will help you define how you should enter the market. I hope that this helps :)
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sistros
4 months ago
somehow topside looks breached to me
looking constructive with usd up and oil down as well
+1 Reply
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