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USD/CAD - Good levels for short selling with the trend

USD/CAD H4 Chart

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USD / CAD H4 Chart Our Expectations: Decreasing short-term trend, correction to levels of diagonal resistance. Opportunity for short positions with stop 1.3044

Alternative Scenario: If the price rises above the diagonal trendline, it is possible for the movement to turn to a long that will spoil this scenario.

Comment: Decreasing short-term trend. Correction to main diagonal resistance levels. At these levels is also 50% Fibonacci of the downward movement, as well as 200 MA - The price has made two unsuccessful attempts to break the zone and decrease - indications that sellers take control of the market. 50/200 MA in bearish formation. For a more precise entry, we wait for the 4-hour bar to close and position the shorts after a 50% correction. SL is safely placed over the bundles of stop orders at 1.3044.


 Trader Aleksandar Kumanov

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