Technical Analysis USDCAD, Short Swing Setup on 4HR

٢ نوفمبر ٢٠٢١

I just got into a short trade on USDCAD 1.24072, 0.05 Standard. I got into this trade because of the huge sell-off on 24th October when the price approached the 100 EMA, the price is most likely to get at least a temporal sell-off at the current market price to retest the 50 EMA. If the price breaks and closes below the 50 EMA, well get a test on the weekly low @ 1.23098. I plan to get out at 1.23098 and Observe what happens there.

NOTE: I am closely watching this trade and if the 4HR CS closes above my 100EMA, I'll observe the volume of the Break Above and If possible the re-test because that could be an Indication of a BUY Signal. Thanks