The USDCAD pair has been on a quite a choppy journey! A lot of false break outs causing shorts and longs to be squeezed. Following on from the Nafta weekend agreement in principle, the CAD has benefited nicely. We are now trading below the daily range, and we are seeing a lot of bearish candles. I will be running a trailing stop on this pair - As always, I am risking 1% capital on the stop loss, but will be reviewing the level. Ideally you would place stops back in the range to be safe, but that leaves too many pips on the table.
Nice idea on USDCAD and there may be bearish potential as you have identified. Appreciate the heads up on the new trade deal replacing the NAFTA agreement, thus benefitting CAD nicely. Currently, price is approaching the 1.2723 support level that you have identified. We have found a similar support level as yours at 1.27332. It is a horizontal swing low support, with a 76.4% Fibonacci retracement and 100% Fibonacci extension.
Using the Tidal Shift Strategy, which is a trend trading strategy that aims to catch shifts in trend using trader sentiment indicator. The strategy looks to short when the Speculative Sentiment Index reaches its highest value for the past 145 trading hours. Currently our Speculative Sentiment Index has hit its most extreme positive level for the past 145 trading hours at 1.65436, it suggests that the USDCAD could be trending downwards. Looking forward to seeing how things develop.
Please have a look at our idea and we would like to hear what you think:
Using the Tidal Shift Strategy, which is a trend trading strategy that aims to catch shifts in trend using trader sentiment indicator. The strategy looks to short when the Speculative Sentiment Index reaches its highest value for the past 145 trading hours. Currently our Speculative Sentiment Index has hit its most extreme positive level for the past 145 trading hours at 1.65436, it suggests that the USDCAD could be trending downwards. Looking forward to seeing how things develop.
Please have a look at our idea and we would like to hear what you think: