1,1930. USD CAD is in an downtrend directed by 1H exponential moving averages. The volatility decreases. Bollinger bands are tightened. ForexTrend 4H (Mataf Trend Indicator) is in a bearish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bearish pressure on USD CAD. The price should find a resistance below 1,1980 (50 pips). The downtrend should continue to gather momentum.
=> We could take a short position at 1,1930. We will put the stop loss above 1,2000 (-70 pips). The targets are 1,1810 (+120 pips, risk/reward 1:1.7), 1,1730 (+200 pips, risk/reward 1:2.9) . Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 3.
1,1980 - 1,2120
1,1830 - 1,1730