POTENTIAL CADUSD SHORT @~0.5359
January and February saw the Canadian Dollar fall to below 0.52000 against the Great British Sterling.
March has seen some revival as the pair is correcting itself - possibly to a 50% retracement of the down move. This move should be halted by the supply zone marked out by the red horizontal lines. We should see a bounce off this area.
The March move is currently on its extension move and should head to the 161.8% price zone (coincidental with the 50% retracement).
With a 200-pip potential reward, this is a very enticing trade to take. The demand zone, highlighted by the green horizontal lines, may be a good target for profit, although prices should push further down.
March has seen some revival as the pair is correcting itself - possibly to a 50% retracement of the down move. This move should be halted by the supply zone marked out by the red horizontal lines. We should see a bounce off this area.
The March move is currently on its extension move and should head to the 161.8% price zone (coincidental with the 50% retracement).
With a 200-pip potential reward, this is a very enticing trade to take. The demand zone, highlighted by the green horizontal lines, may be a good target for profit, although prices should push further down.