Categories: Technical Analysis

USDCAD preparing the ground for a short

First of all it is important to mention and keep in mind that we are in a NFP week and we could expect the market to be rangy and make a lot of zig zags. Trade carefully, use smaller risk if you are not confident in the given setup or simply ignore it.
USDCAD looks pretty interesting in my point of view. As long as 1.2750 holds and price stays below it we can look for sell opportunities.

Technical Overview:
D1 – price is trading below 20 MA (even though we are seeing a spike up)
H4 – hidden bearish divergence

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Entry:
H1
Scenario 1 – Look for the continuing divergence on the H1 chart to complete and then go short.

Scenario 2 – This is the more conservative entry. Simply follow the H1 up trend line, once broken you can go ahead and sell

Target 1: 1.2400 (daily support)
Target 2: Weekly 20 MA
Stop Loss: above 1.2750

Video Explanation:

Yours,
Vladimir

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.