Another Fade Trade. USDCAD Exhaustion Short.

  • Posted on: 29 June 2015
  • By: strategist

On June 24 2015 there was a USD rally after the uncertainty with Greece and the EUR zone. One of the most prominent moves was on USDCAD. As we were getting ready for the Asian session, the pair showed exhaustion signs on the hourly chart. There was also a longer term resistance right around that area, which further confirmed that the pair was about the go south.

I executed a short, which was good for about 15 pips. T/P was set right above a previous price action support on H1. The next day there was a similar situation and I then executed a long, which was good for about 10-12 or even 20 pips. The confluence of technical levels was even stronger - there was a trend line and a powerful dynamic support at around the level of 200 EMA and 800 EMA on the H1 chart that, as it's known, are levels that most investors look at.

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