themarketzone

Potential continuation setup - Bearish Crab still in play

FX:USDCAD   U.S. Dollar/Canadian Dollar
The previous setup I posted here for $USDCAD resulted with an impressive 500 pips decline following the Crab's completion.
Now, $USDCAD completed a 61.8 Fib retracement and it is testing a daily structure along with the 50 SMA line (now resistance).
This is a potential zone for a bearish turnover and a bearish continuation trade.
The R/R now is less appealing than my previous setup (only about 1.4 now)
The final target is to reach the 200 days Moving Average and the 1.28 support zone again.

Since we are entering Fed's week, I don't expect this one to go smoothly and a wide stop loss is required here...otherwise you should time your entry based on smaller time frame reversals in the zone between 1.31 and 1.34.

Tomer, The MarketZone
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Was eyeing this for a quick short.
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