I've been actively shorting USD/CAD this year every time it comes to my weekly resistance zone. The resistance has been confirmed multiple times this year and once again we can see that USD/CAD is collapsing after touching that same resistance. US data regarding the ADP Employment Change and the ISM Non-Manufacturing PMI came out much worse than expected today. This amplified the down move during the NY session. The daily candle closed bearish and after 4H consolidation in the support zone, a break below support was made to confirm the bearish move further down.
Sell limits were hit at 1.3190 and I've set my stop loss at 1.3205. Take Profit 1 is set to 1.3130 and Take Profit 2 is set to 1.3080. This trade has the potential to go down even further past take profit 2. Stay tuned for updates if further shorts do occur.
Sell limits were hit at 1.3190 and I've set my stop loss at 1.3205. Take Profit 1 is set to 1.3130 and Take Profit 2 is set to 1.3080. This trade has the potential to go down even further past take profit 2. Stay tuned for updates if further shorts do occur.
Trade closed: target reached:
Take Profit 2 has been reached.