USDCAD W1: 2000 pips downside SHORT IT / breakdown / failure

٢٣ يوليو ٢٠٢٠

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USDCAD W1: SHORT IT / breakdown / failure(SL/TP)(NEW)
IMPORTANT NOTE: speculative setup. do your own
due dill. use STOP LOSS. don't overleverage.
Tagged as SHORT because I expect more downside
short-term and mid-term as well.

previously recommended shorting USDCAD at market.
trade already made money. click play to recap.

🔸 Summary and potential trade setup
::: USDCAD weekly chart review
::: identified two primary swings
::: 1700 and 2100 pips from high/low
::: still high downside from here
::: massive breakdown / failure
::: expecting 300-500 pips losses
::: 3000 realistic target bears
::: upside very limited from here
::: Recommended strategy: SHORT ANY RIPS/BOUNCES
::: can I wait for the bounce? well, may not happen
::: chart looks very weak / heavy, so straight dump
::: good luck traders
🔸 Supply/Demand Zones
::: N/A
::: N/A
🔸 Other noteworthy technicals/fundies
::: TD9/Combo update: N/A
::: Sentiment short-term: BEARS
::: Sentiment outlook mid-term: BEARS