Riding the bearish
price action being played out in the weekly and daily chart
, coupled with the news about Syria attack that pushed down the dollar further, while the loonie is being boosted by the likelihood of having a successful outcome in NAFTA negotiations and rising oil
price. Setting up short stop order to catch a possible breakout @1.25523 in the hourly chart with TP near 1.242 (support in weekly chart) and SL a couple of pips below 1.26.
Confidence: C (must be careful about possible whipsaws from increased volatility esp
this coming Wed during the BoC
meeting and the unpredictability of geopolitical risks esp
when it comes to USD; depending on how volatile it goes based on the chart and ATR, might momentarily close the position before the BoC