Bearish Trade Setup Spotted in USD/CAD, Who’s Up for it?
The USD/CAD soared to trade around $1.3230. On the 3 hour chart, the bearish trendline is providing strong hurdle at $1.3245.
The commodity currency Loonie remains under the spotlight in the wake of upcoming Canadian retail sales figures. Recalling FX Leaders Morning Brief, Feb 22, the data is coming out at 13:30 (GMT). Economists are expecting another drop of -0.5% in Canadian retail sales, but this drop is less than -0.6% beforehand. Besides that, the USD/CAD has formed a pretty nice sell trade setup. Let’s take a trade in it.
What’s more interesting is that the USD/CAD has tested the bearish trend line but ended up forming doji patterns. It’s a bearish reversal signal and we should stay bearish below this level.
Support Resistance
1.3184 1.3257
1.3136 1.3283
1.3062 1.3357
Key Trading Level: 1.3209
USD/CAD – Trade Plan
Team FX Leaders has opened a sell trade below $1.3230 with a stop loss above 1.3250 and take profit around $1.3180.
Good luck!
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