Bearish Trade Setup Spotted in USD/CAD, Who’s Up for it? - Forex News by FX Leaders

Bearish Trade Setup Spotted in USD/CAD, Who’s Up for it?

Posted Friday, February 22, 2019 by
Arslan Butt • 1 min read

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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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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