TheOzarkTrader
Short

USDCAD Short Scenario

FX:USDCAD   U.S. Dollar / Canadian Dollar
So we've stayed away from USDCAD for a long while due to its Choppy Nature.
I feel like we've gained some clarity into which direction she's decided to go.
and with a strong push down, which is what we needed, to confirm a demand zone .
That Demand Zone was violated, the Gap may fill up to the support line in BLACK,
and we can see a nice test.. I will advise to wait to see the retest of the flip resistance..
Make sure to look out for candlesticks that show low buying pressure.. Examples are
Marabozu's, GraveStone Dojis, and Pinbars, Reverse Hammers.., They all simply mean the
same thing. SO you be able to confirm what kind of position to take... To take one at all...
Ensure that if it goes above the Black line you are prepared to take a sell at 61.8 Fibonacci from
the previous swing high to that newly established low....

Thank you for your patience.
Much Love and Happy trading!
#OzarkTrader
Nice idea on USDCAD and there may be bearish potential as you have identified. The 1st resistance that we have found at 1.2891 is just below the resistance level that you have identified. It is a horizontal overlap resistance, with 38.2% & 23.6% Fibonacci retracement and 61.8% extension. Stochastic is approaching its resistance at 96% where a corresponding reversal could occur. If there is a potential reversal, we may want to take a closer look at the 1.2791 support level. It is a horizontal swing low support and is above your first potential price point that you have identified. Looking forward to seeing how things develop.

Please have a look at my idea and we would like to hear what you think.


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