Short USDCAD Short Term based on 30M, 1H, 4H + Fundamentals.

Good Morning all,

Sorry I'm late with this analysis - entered the trade very early this morning and was unable to write up my analysis before now so I apologise for the late entry, however we have plenty room for pips yet so I thought it would be worth adding.

The USDCAD has been trading in a tight range but we've seen a bearish breakout below a lower trendline and coupled with some fundamentals, this has given us the opportunity to go short on this pair.

Technicals:
EMA50 has crossed below EMA200 (Death Cross) on both the 30min, 1H and the 4H charts.
After breakout, price broke below major support at 1.34708 with potential for a further leg down.

Fundamentals:
With Oil prices rising and consolidating in a bullish manner, we can expect some support for the CAD in the short term.
With US data being choppy and great uncertainty as tensions rise with North Korea and whether the FED will hike rates in June or not, I would consider the USD being the weaker of the pair.

Place your stop at 1.35044 and price targets of 1.34300 but we're not setting a TP, we will let this run and adjust our stop accordingly to secure profits.

This research is for informational purposes and should not be construed as personal advice. Trading any financial market involves risk. Trading on leverage involves risk of losses greater than deposits.


Please comment below and Like if you agree with my analysis.

Giao dịch đang hoạt động:

We have the bearish engulfing candle on 1D chart and although we have broken above trend line, price has respected the EMA50 on both the 12:00 and 13:00 (UTC+1) hourly candles and is now coming back down.

Conservative approach would be to wait for price to fall back down below the trend line, however I myself will be trading this one aggressively and aiming for a higher entry point.

Please trade safe and always stick to your Risk Management / Money Management plan. I never recommend more than 1% of your capital at risk on any one trade with a maximum of 3% for larger accounts.

GL everyone.

Bình luận:

Price broke out from the upper trend line and above major support/resistance. We saw a tweezer top candlestick pattern, which was validated by the fall of price, however, it is currently resting on the major support. We will wait to see if we can break below.

Giao dịch được đóng thủ công:

Price rejected a major support level and there is a high risk that we won't break it. I am closing this trade but you may continue as there is a small chance we will re-test and break it. For me, I would rather close in profit where the odds are not in our favour.

Bình luận:

For those that stayed in this trade, TP is hit!! :)

Đóng lệnh: đạt mục tiêu