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USDCAD - Continuation of the bearish channel
Trade Idea
Trading within a Bearish Channel formation.
Bespoke resistance is located at 1.3120.
There is scope for mild buying at the open but gains should be limited.
Preferred trade is to sell into rallies.
Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 13120, resulting in improved risk/reward.
We look to Sell at 1.3120
Stop: 1.3160
Target 1: 1.3025
Target 2: 1.2965
Trading within a Bearish Channel formation.
Bespoke resistance is located at 1.3120.
There is scope for mild buying at the open but gains should be limited.
Preferred trade is to sell into rallies.
Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 13120, resulting in improved risk/reward.
We look to Sell at 1.3120
Stop: 1.3160
Target 1: 1.3025
Target 2: 1.2965
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