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USD/CAD: short-term trade idea

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Trade idea

SELL 1.3430; TP 1.3395; SL 1.3445

USD/CAD met resistance in the 1.3490 area (resistance line connecting April and May highs). It fell to the middle of the trading range where it has spent the past month. On H4 and H1, we see a “triple top” between 1.3455 and 1.3490, the break to the downside, and a small consolidation. Oscillators are bearish, so it looks like the pair wants to continue the downside in the short term. The target is just above the 50-day MA at 1.3390.  

USDCAD h4.png

FBS Analyst Team

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