USDCAD Trade

Alexandros Yfantis • Oct 25, 2018 at 7:13 AM EDT

USDCAD price got rejected as expected and pushed yesterday below 1.30.

October 23rd USDCAD was near resistance just below 1.31 and I saw the opportunity to go short... stop was very close so risk was low... potential was good for a move lower... we got nearly 100 pips yesterday but prices bounced...

#USDCAD short stop 1.3125 pic.twitter.com/3gI7ipbCMN
— Alexandros Yfantis (@alexanderYf) October 23, 2018

Price was swinging up and down inside a downward channel. Price got rejected as expected and pushed yesterday below 1.30. Now still trading below 1.31 looks like we are going to see below 1.30 again...

(Click on image to enlarge)

I have lowered my stop to break even at 1.3085 and look for a break of the upward sloping trend line support. If this happens we should see a push towards 1.29 at least if not lower.

(Click on image to enlarge)

Breaking below 1.29 will open the way for a push towards the lower channel boundary near 1.28-1.27.

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