USDCAD Potential Next Short Term Movement

As you can see a small trend line on the daily chart, every time it hits the resistance it comes back down to the trend line before going up again.
For confirmation I shall wait for a few bearish signals including bouncing off the bollinger bands, hitting resistance and a swing high.
If the USDCAD swings high short to 0.0112 and place a stop loss of 0.00741.

Please place trade at your own discretion.

I am fully aware indicators may not be the most reliable when it comes to trading, in this situation I am using the Bollinger bands and stochastic indicator.

Yorum:

I have placed a sell order.

Short: 1.31593
SL: 1.3189
TP: 1.30117

İşlem aktif

İşlem kapandı: durdurma seviyesi

Yorum:

In this case USDCAD has been in an uptrend, if you had entered later and put the stop loss higher, shorting USDCAD would have made you profit.