USDCAD multiple factors for next possible movement down

17 Jun 2017

USDCAD is currently at a very important junction, with the price beginning to fall below the channel which has been trending upwards for a year so far. The prices have also fallen below the 200SMA, with a corresponding increase in volume. The retracement area from which prices have peaked is also around the 61.8% level, a strong area for prices to fully turn around. This analysis was created after seeing a chart for the lower support beginning to fall through from 'ElliottWave.com.' There is a possible short trade entry point also being shown, with a 2:1 R/R, it can be started here on a intra-day level, and added on to later if prices are to really trend lower from this point on. Profits can be taken around 1-2R, with additional lots added as prices pivot lower.