USDCAD Short
Updated
Riding the bearish price action being played out in the weekly and daily chart, coupled with the news about Syria attack that pushed down the dollar further, while the loonie is being boosted by the likelihood of having a successful outcome in NAFTA negotiations and rising oil price. Setting up short stop order to catch a possible breakout @1.25523 in the hourly chart with TP near 1.242 (support in weekly chart) and SL a couple of pips below 1.26.
fxstreet.com/news/usd-cad-struggling-to-develop-upward-momentum-above-126-201804160613
Daily:
Weekly:
Confidence: C (must be careful about possible whipsaws from increased volatility esp this coming Wed during the BoC meeting and the unpredictability of geopolitical risks esp when it comes to USD; depending on how volatile it goes based on the chart and ATR, might momentarily close the position before the BoC meeting)
fxstreet.com/news/usd-cad-struggling-to-develop-upward-momentum-above-126-201804160613
Daily:
Weekly:
Confidence: C (must be careful about possible whipsaws from increased volatility esp this coming Wed during the BoC meeting and the unpredictability of geopolitical risks esp when it comes to USD; depending on how volatile it goes based on the chart and ATR, might momentarily close the position before the BoC meeting)
Order cancelled
Trade cancelled before BoC news yesterday. Will re-enter with another sell stop soon esp with oil prices rising:dailyfx.com/forex/technical/home/analysis/usoil/2018/04/18/Crude-Oil-Forecast-Bullish-US-Inventories-EIA-OPEC-70-Barrel.html?DFXfeeds=forex:technical:home:analysis:usoil
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