SDMarik

Setting up for a bounce, or a breakout!

FX:USDCAD   U.S. Dollar/Canadian Dollar
57 0 2
USDCAD             seems to be approaching its current trend line that has been acting as some resistance. There is also a prior resistance that has been tested multiple times in the past months, this prior resistance also lines up perfectly with a fib retracement (.764)

Couple all of this with the general bearish trend of USDCAD1.16% since mid January and the 1.4000 level, it might line up for a really nice short, RSI seems to be setting up for a downturn as well. I am generally not one to put a ton of stock in indicators such as RSI by themselves, but if it happens to line up nicely with strong indicators for a long/short It can't hurt.

I would watch for a potential run into this level, with a possible short unless there is reason to have a hawkish view of the pair at the time. Might be a good level to stop hunt as well seeing as it is a nice round number.

After entry I will hold my stop tight on the north side of the entry with take profits on the downside rather open, if oil             falls off hard than we might see some nice new lows. Wherever I decide to enter on a trade like this ill try to keep my R:R to 4/5 :1 or better

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