I will be shorting USDCAD and taking two trades one aggressive with minimal lot size and a neutral trade with a higher lot size. The following reasons is why I will be shorting it.
1) It approached 61.8% a key level for reversal and has not been able to break it.
2) It is also approaching a trend line that can either break it or go back down.
If it breaks the trend line I will look for a retest of the trend line and go long. For now I believe it will be short.
There will be minimal stop loss, with good risk to reward ratio.
1) It approached 61.8% a key level for reversal and has not been able to break it.
2) It is also approaching a trend line that can either break it or go back down.
If it breaks the trend line I will look for a retest of the trend line and go long. For now I believe it will be short.
There will be minimal stop loss, with good risk to reward ratio.