Sforex
Short

USDCAD : M&A deal support for Loonie.

FX:USDCAD   U.S. Dollar / Canadian Dollar
148 0 3
USDCAD: I enter a fresh ShORT position of USDCAD             at current price . Take profit at 1.08, stop loss at 1.0890
There are two main reasons why I choose SELL USDCAD             for the being time:
- Firstly, there is an undoubtable fact is that Canada economic data gradually become better, and I think this will transfer to Canada GDP on Friday.
- Secondly, the M&A deal between Burger King and Tim Hortons benefits for Loonie.
About Technical view:
- USDCAD             broke the bullish trendline I show on the chart, and the RSI + Stoch indicator show large divergence with the price, and there is stil room for SELL position.
- USDCAD             rejected 1.10 key level many times, so if it cannot break this key resistance level , it will fall down as a result.
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