SHORT USDCAD @ CMP 1.1266
*Setup pointed out by kate25*
The pair has been in uptrend since mid-July. However on Friday the pair failed to make a new high due to slightly disappointing GDP numbers.
What is important from a technical perspective is that price got rejected from 78.6 level and closed further below 61.8 level which indicates a shift in inclination for the pair towards sell.
We suggest shorting the pair on market opening for a harmonic ABCD move to 1.1100 which has been a area of interest previously.
Trade Type: Trend Reversal
Price: 1.1266 or opening price
Target: 1.1100
Stops: 1.1362 (above 88.6 fib level)
The pair has been in uptrend since mid-July. However on Friday the pair failed to make a new high due to slightly disappointing GDP numbers.
What is important from a technical perspective is that price got rejected from 78.6 level and closed further below 61.8 level which indicates a shift in inclination for the pair towards sell.
We suggest shorting the pair on market opening for a harmonic ABCD move to 1.1100 which has been a area of interest previously.
Trade Type: Trend Reversal
Price: 1.1266 or opening price
Target: 1.1100
Stops: 1.1362 (above 88.6 fib level)
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