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mrrosstrader

USD/CAD: Potential shorting opportunity in Previous Resistance

U.S. Dollar / Canadian Dollar (FX:USDCAD)  
mrrosstrader  
FX:USDCAD   U.S. Dollar / Canadian Dollar
USD (US Dollar) short Fibonacci Forex
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usd-us-dollar short fibonacci forex
We see that the market is in a bearish trend and has being creating lower lows the last hours. I think it is a good idea to short the market because there is not a meaningful resistance level where the price should bounce. Using the Fibonacci Retracement I identified a possible shorting area that would create a 1:1 Risk/Reward chance for us and is also on the previous support level.
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