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Trend of the Day - USDCAD Short

Trend of the Day - USDCAD Short

Jeremy Wagner, CEWA-M, Head of Education

 The daily chart for the USDCAD left behind a long wick to the upside.  Strong resistance has been tested 6 times in the past 7 months (including Tuesday) at 1.0750 and has held.  Therefore, this long wick from Tuesday indicates a failed break out and sellers are still around.

There are a couple of ways we can enter into this trade.
1)  Look for a retest of this wick.  Sometimes prices will retrace a portion of long wicks left behind.  You can place an entry half way up the wick to go short near the 1.0750 area.  A stop would be placed about 15 pips above the high of the wick near 1.0870.  Look for twice the distance as your profit target.
2)  On a 2 hour price chart, we can see a support level being placed to the test.  If prices continue to move down and break this support line, that would also confirm this short term trend has turned down.  Wait for a break and candle to close below this support line for an entry.  Place your stop north of this trend line and look for twice the distance for a profit target.
The plan on this trend is to identify areas to enter with relatively tight stops so we can take potential profits and be out of the trade before 1.0500.  That way, if risk aversion continues to flare up we could be out of the trade by then, thus limiting our risk.
USDCAD SHort Daily
USDCAD Short 2 hr

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.