USDCAD is extending lower
USDCAD is rejected from 1.3700. Looking at the long-term monthly chart you can see a heavy resistance established in the 1.3700-1.3900 zone. Also, we have a broadening wedge with lower line support at 1.2710 which is the target for this downside rejection from a strong upside resistance zone. Now only a break back above 1.3900 could lead to an invalidation of the downside reversal.
On the weekly chart, we can see an excellent downside continuation with a minor bounce last week, giving us a potentially nice setup for the downside continuation trade. Resistance for bounces is around 1.3500 and that is where stops should be for the short trades. There is a lot of downside space for the short trades.
On the daily chart, we can see a good RR trade opportunity…
This article is so good, it's for premium members only.
Does that sound like you?
Go Premium to read full trading strategy with parameters of entry, stop loss, and exit. Why Premium?
Already a member?
TRADE FOREX, INDICES AND COMMODITIES WITH FUNDED TRADER ACCOUNT!
Take a break from your trading routine Copy our trades!
