I will reenter this short again, with OPEC Cutting oil production by 1 million barrels/day CAD is set up for massive strength as oil will shoot. This is a great place to short. Use proper money management. Any manipulation to the upside will not exceed level 1.40000. All the best fellow traders.
Based on price action (formation of double top) , market structure and fundamental analysis (The recent hike in Canadian Interest rates) the OANDA:USDCAD looks ready for a bearish dive. There are areas in the market that have clear imbalance which will act as targets for short positions. This levels are labeled and will act as our targets for long term short on...
The extended support trendline got retested and making lower highs in Usdcad, this setup can be used by both conservative & aggressive traders as mentioned in the chart. Anyway it got good risk:reward ratio, checking with your trade plan before placing the trades is suggested :)
