ICmarkets
Short

Sells from 1.30 look promising...

FX:USDCAD   U.S. Dollar/Canadian Dollar
94 0 3
For those who read our previous report you may recall that our team mentioned to watch for shorting opportunities around the underside of the recently broken H4 channel support extended from the low 1.2767. As is shown on the H4 chart, price responded just beautifully from this line, selling off heavily into the day’s close. Well done to any of our readers who took part in this trade setup!

Consequent to this move, the key figure 1.30 was taken out and price collided with a rather ugly-looking H4 demand seen marked with a black arrow at 1.2926-1.2973. To our way of seeing things, 1.30 is likely to hold as resistance due to the following reasons:

1. Weekly price is aggressively selling off from weekly supply at 1.3295-1.3017, and has already erased last week’s gains.

2. The recent selling saw price take out a daily trendline support extended from the low 1.2460, and as a result, potentially opened up the path south for further selling down to a minor daily trendline support taken from the low 1.2831.

Our suggestions: Quite simply, look for shorts around the underside of 1.30 today. Waiting for a lower timeframe sell signal prior to pulling the trigger is still recommended since a whipsaw through this number is expected. Given the higher-timeframe picture (see above), we’re looking down to around the 1.29ish region to take profit.
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