Short USDCAD - Fib Retracement
Updated
I'm selling the USDCAD. CAD has been strong lately. Even though CAD got rough data on Friday, I still think the bias for USDCAD is to the downside. It's at the 50% fib level on the hourly chart and it's at a level of S/R.
My concerns: Oil and the US Durable goods data coming out tomorrow. However, Durable Goods data has yet to exceed expectations this year. Unless Durable Goods far exceeds its forecasted price, I don't expect that data point to change the USDCAD bias.
My concerns: Oil and the US Durable goods data coming out tomorrow. However, Durable Goods data has yet to exceed expectations this year. Unless Durable Goods far exceeds its forecasted price, I don't expect that data point to change the USDCAD bias.
Trade closed manually
I closed it out earlier this morning when the price hit roughly the 0 level on the fib retracement. The pair didn't really have the momentum to break through.Comment
Dang, I got spooked. I could have gotten more....
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