Short on USDCAD
Avg. Canadian Bank Forecasts are bearish towards 0.26000
Currently in resistance zone, almost touching previous major daily high
I am shorting USDCAD with 3 scenarios:
#1: Straight down to support zone
#2: Down to support zone with retracements
#3: Down towards support zone with pullback hitting lots of stop losses and then down to support...
Very nice long setup. Bottom of regression channel, bullish trend, TDI below it's lower BB line. If the TDI Green line crosses above the Red line, go long. Take profit when CCI crosses back below 100 level.
Double Top forming in H4. Take profit @ 0.71769. Stop loss at breakout. No throwback expected. A bit of a strech, but i'd try it. Could be a part of a longer Head & Shoulder formation as well because of the peak just left of the double top, but the short would still be valid.
News Trading Opportunity on USDCAD. Major news releases @ 8h30 EST. Please consult your favorite economic calendar. Grid setup with Stop orders (buy and sell) is ideal considering the speed of the move and the fact that the move can be bullish or bearish.