Oil has been rallying for the last 3 weeks, giving the Canadian dollar sufficient strength over its counterparts, including that of the dollar; thus I will be looking to short this pair.

USD/CAD daily chart

Price has come off MR1/MM3, both bearihs entry levels, with targets of MM2 and MS1. We also have a stochastic turned to the downside indicating further bearish momentum.

USD/CAD H4 chart

Price has come off WM3, a bearish entry level, with target of WM1. Price is at current support of WS1, with an oversold H4 stochastic. thus I will wait for a sufficient pullback before entry.

USD/CAD H1 chart

Price has stalled out at DM2, current support, thus I will look to sell either at the hourly 21 moving average (shown in red), or I will look for an entry around the dpp area, which is also near the 1.33500 psyche level, which is also role reversal support turned resistance as well as being the 38.2% fob retracement level.

One thought on “USD/CAD daily short, 11th April”

  1. Teboho Faro says:

    great I have a similar setup, target is down at 1.32000

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