USDCAD Price Returns to Major Resistance

Trade Idea:

USDCAD has managed to break key resistance level yesterday as seen in the chart. Now price is approaching the final resistance level of a tight range that started back at the end of June. Thus, this gives rise for a short opportunity with relativity limited risk and reasonable upside. On other note, do we be aware of the US Q2 GDP coming out this Friday which is bound to bring volatility to this pair.

Chart:

Trade Details:

Positioning: Short
Time frame: 1H
Length of Trade: 3 Days to 1 week

Entry: Between 1.3140 to 1.3150
Stop: 1.3160
Exit: 1.3020

Leave a Reply

Your email address will not be published. Required fields are marked *