informedtrades
Short

USDCAD Pulls Back to Trendline, Setups Short Opportunity

FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD             has been in a downtrend since March 20th of this year; that is when the current trendline , visualized in this chart, commenced. Price has pulled back to this trendline , is just below the 50 SMA and the 200 EMA , and not too short of the 50% retracement line from the recent swing high to swing low. The candlesticks over the past few daily trading sessions also suggest that price is in an accumulation or distribution pattern, getting ready to breakout. In light of the trendline , I'm speculating on a break downwards.

As such, I'm short USDCAD             at 1.0728, with my stop at 1.0776. I'm risking 48 pips to reach my target of 1.0558, 170 pips away, and so my reward/risk is approximately 3.54.

Also worth noting is the signs of CAD strength visible on other pairs; I prematurely took profits on my short GBPCAD             trade, and am currently long CADJPY             .

http://www.informedtrades.com
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out