USDCAD trade

October 23rd USDCAD was near resistance just below 1.31 and I saw the opportunity to go short…..stop was very close so risk was low….potential was good for a move lower…we got nearly 100 pips yesterday but prices bounced….

 

Price was swinging up and down inside a  downward channel. Price got rejected as expected and pushed yesterday below 1.30. Now still trading below 1.31 looks like we are going to see below 1.30 again…..

I have lowered my stop to break even at 1.3085 and look for a break of the upward sloping trend line support. If this happens we should see a push towards 1.29 at least if not lower.

Breaking below 1.29 will open the way for a push towards  the lower channel boundary near 1.28-1.27.

Thank you for taking the time to catch up on my thinking

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