USD/CAD Technical Analysis 10/1/2019 - Short
USD/CAD 10/1/2019. This pair has been consolidating and moving slowly for quite some time now and has failed to break above 1.33000 after almost 2 weeks of attempts.
Larger time frames are showing more bearish direction ahead, however there are multiple upward trend lines that we will run into if price continues to fall. On the daily chart, price has finally broken and closed below the 1.3350 support level that has held since September 16th.
I have entered into a short position with stops placed above the 1.33000 level and a price target of 1.31500. Price rejected the 61.8 fib level this morning at the same time negative US manufacturing news came out. We are now closed and trading below the 50 and 200 day MA on the daily. However, the 200 day seems to be holding price on the weekly.
Risk reward 1.24. I am expecting a retest of the 1.32350 level and will be looking to see if it will act as resistance.
Larger time frames are showing more bearish direction ahead, however there are multiple upward trend lines that we will run into if price continues to fall. On the daily chart, price has finally broken and closed below the 1.3350 support level that has held since September 16th.
I have entered into a short position with stops placed above the 1.33000 level and a price target of 1.31500. Price rejected the 61.8 fib level this morning at the same time negative US manufacturing news came out. We are now closed and trading below the 50 and 200 day MA on the daily. However, the 200 day seems to be holding price on the weekly.
Risk reward 1.24. I am expecting a retest of the 1.32350 level and will be looking to see if it will act as resistance.
Result: Loss