USD/CAD SHORT from 1.3725
My positions SHORT EUR/USD and GBP/USD have been closed as its evident that SELLERS are now pushing the USD south.
With that in mind, I'mnow SHORT USD/CAD.
I was looking for this pair to reach the WR1 weekly pivot at 1.3744 but it now looks like this was a level too far and price has reversed 9 pips short of that target.
RSI on H1 has been over 70 for several hours and in the last 2 hours we've seen it fall to its current level of 55.
MACD has crossed south on H1 and the Andean Oscillator red SELL line has lifted away fro zero and is now reading .0005.
All the signs are that we are headed lower and hopefully I can get a decent + pip STOP on this trade before key news is released at 13:30 this being Prelim GDP and Unemployment Claims followed by Pending Home Sales 90 mionutes later.
If these number come out green then the USD will rise and this trade will exit for a profit but if the numbers come out red then this trade will accelerate to the downside and may reach the main target which is 1.3660 where there is a band of support.
The overall structure of USD/CAD remains BULLISH whilst we remain above 1.3660.
Should 1.3660 break then 1.3600 wil come into play.
With that in mind, I'mnow SHORT USD/CAD.
I was looking for this pair to reach the WR1 weekly pivot at 1.3744 but it now looks like this was a level too far and price has reversed 9 pips short of that target.
RSI on H1 has been over 70 for several hours and in the last 2 hours we've seen it fall to its current level of 55.
MACD has crossed south on H1 and the Andean Oscillator red SELL line has lifted away fro zero and is now reading .0005.
All the signs are that we are headed lower and hopefully I can get a decent + pip STOP on this trade before key news is released at 13:30 this being Prelim GDP and Unemployment Claims followed by Pending Home Sales 90 mionutes later.
If these number come out green then the USD will rise and this trade will exit for a profit but if the numbers come out red then this trade will accelerate to the downside and may reach the main target which is 1.3660 where there is a band of support.
The overall structure of USD/CAD remains BULLISH whilst we remain above 1.3660.
Should 1.3660 break then 1.3600 wil come into play.
Trade active
WS1 at 1.3596 at 1.3597 now possible.
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