Facts:
USDCAD is trading in a downward trend from mid-January
The pair bounced off the key resistance at 1.3730
Recommendation:
Trade: Short USDCAD at market price
Target: 1.3675, 1.3630
Stop: 1.3742
Opinion: USDCAD has been trading in a local downward trend since mid-January. Looking at the pair at H1 interval, one can see that the price bounced off the key resistance at 1.3730, following a local upward correction. The resistance is a result of an upper limit of 1:1. In addition the pair sits below the 100-period moving average from the H1 interval. We recommend going short USDCAD at market price with two targets: 1.3675 and 1.3630. We also recommend placing a stop loss order at 1.3742. Source: xStation
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