andrew.berg
Short

USD/CAD looks ready for another break down

FX:USDCAD   U.S. Dollar/Canadian Dollar
158 4 4
USD/CAD             held 25% retracement well means that sellers are in control, found resistance around 1.09000 area.
News from Canada on Building permits were below consensus.

Moving averages curling down. I am looking for potential breakdown of 1.08732 low. Consider SHORT opportunities here. I am trying to find clues before breakdown as it could be difficult to trade it after the fact of breakdown because of potential lack of follow through after such a big move from 1.09800
Guillaume
2 years ago
Hi
Price is still on a short uptrend.
But the long term is down.
Guess will see in 2 hours with the Housing Starts.
Reply
landofand PRO
2 years ago
i agree, but i think we could see a move up 109.15 first to bounce of the 38.2% retracement. Also, if you look back a little, you will see a larger fib move.
So you have a short term momentum and fib extension pushing usd/cad down to 108.00
then you have a longer term momentum and fib extension pushing it down to 106.00

snapshot
Reply
andrew.berg PRO landofand
2 years ago
Low was broken, now need to hold below
Reply
I like this tight consolidation in front of support at 1.08742. It gives us good risk/reward setup with trend.
Reply
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