USDCAD - Losing Steam - Shorting the Mid Retest

Sep 3

I’ve been tracking this one for a while, and I believe it’s time to short this area after the significant bearish signal right at the top, which resulted in a failed breakout.

After several months of accumulation and various breakout attempts that ultimately fell back into the range, it has now dropped below the mid-level. For me, this is a clear short signal.

If it reclaims the mid-level solidly before my invalidation point, I’ll consider closing my position manually. For now, I’m targeting the range low.

Sep 4

Trade active

Are you not entertained?

Nailed the short entry—might as well take some profits and let the rest ride to the end target.

Sep 6

Trade closed: target reached

Fully out on this one. The first target price was reached, and the reaction off that level is strong.

I’ll look to go short again on a second rejection at the same level or slightly higher

Sep 10

Note

Will be looking into something like that. It’s likely to be towards the end of the week, just before the FOMC meeting on the 18th.

I’d prefer to take a short position higher up rather than sticking with the current long setup.

I’ll provide an update in a new post.