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USD/CAD Short Trade

USD/CAD Short Trade

Updated

4H Chart              

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Daily Chart

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USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains and dropped back by the end of the US session and closed the day at 1.2440 forming a bearish shooting star on the daily chart. On the other hand, the RSI indictors has broken its up-trend line which confirms the downside retracement move. With that being said, we would like to short USDCAD for a short term play at the current area around 1.2455 with a stop at yesterday’s high at 1.2510 only, with an initial target at 1.24 followed by 1.2360 which could be see in the coming days, especially if the Bank of Canada decided to taper again this week.

S3

S2

S1

Pivot

R1

R2

R3

1.2337

1.2404

1.2429

1.2471

1.2496

1.2538

1.2605

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