There are 2 important price level for USDCAD to take note of.
1) 1.33880. This is the Price of Disinterest (POD) or your standard "resistance" level.
2) 1.3247. This is the breaking point of the price previously. Support was broken and retested as resistance (two times!).
Currently price is at between 1) and 2). There is no doubt the price is still on the uptrend, but the probability of rejection happening within this price level is high.
This is how we are able to get short trades in before price actually turns downtrend. If you are afraid to take the risk, you can always enter a small short position first, and then add more short position once the price actually turns.
Obviously stop loss level MUST be above 1.33880.
If my post benefited you, please visit my patreon for support (Link in my signature!). Have a good weekend everyone!
1) 1.33880. This is the Price of Disinterest (POD) or your standard "resistance" level.
2) 1.3247. This is the breaking point of the price previously. Support was broken and retested as resistance (two times!).
Currently price is at between 1) and 2). There is no doubt the price is still on the uptrend, but the probability of rejection happening within this price level is high.
This is how we are able to get short trades in before price actually turns downtrend. If you are afraid to take the risk, you can always enter a small short position first, and then add more short position once the price actually turns.
Obviously stop loss level MUST be above 1.33880.
If my post benefited you, please visit my patreon for support (Link in my signature!). Have a good weekend everyone!