USDCAD: I enter a fresh ShORT position of USDCAD at current price . Take profit at 1.08, stop loss at 1.0890
There are two main reasons why I choose SELL USDCAD for the being time:
- Firstly, there is an undoubtable fact is that Canada economic data gradually become better, and I think this will transfer to Canada GDP on Friday.
- Secondly, the M&A deal between Burger King and Tim Hortons benefits for Loonie.
About Technical view:
- USDCAD broke the bullish trendline I show on the chart, and the RSI + Stoch indicator show large divergence with the price, and there is stil room for SELL position.
- USDCAD rejected 1.10 key level many times, so if it cannot break this key resistance level, it will fall down as a result.
There are two main reasons why I choose SELL USDCAD for the being time:
- Firstly, there is an undoubtable fact is that Canada economic data gradually become better, and I think this will transfer to Canada GDP on Friday.
- Secondly, the M&A deal between Burger King and Tim Hortons benefits for Loonie.
About Technical view:
- USDCAD broke the bullish trendline I show on the chart, and the RSI + Stoch indicator show large divergence with the price, and there is stil room for SELL position.
- USDCAD rejected 1.10 key level many times, so if it cannot break this key resistance level, it will fall down as a result.
