USDCAD: Downtrend continuation

USDCAD has confirmed a daily time at mode downtrend aiming for 1.30 as maximum target.
I'm short from last night, using a discretionary entry ahead of confirmation in the daily, but I'll be adding as we progress towards the target and continue to be in the money with our position.

Good luck if going short with me, remember to keep a wide stop loss, either ATR based, or using the mode.
I'll be trailing stops and adding to the position as the trend evolves, it could result in a very large move to the downside based on my observations.

Cheers,

Ivan Labrie.
Time at Mode FX

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Covered for now, no loss, very sudden action today.

Handel aktiv

Trade stängt manuellt:

To me this downtrend is about to fail, I'm standing aside.
The way crude is acting, is causing trends to become shakey.

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I reshorted today, smaller position and wider stop.

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After today's close we have a new mode lower...this is characteristic of a downtrend.

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Once we get more confirmation, we can add aggressively.
For now my position is small, but it's a 2R win at my target (1.3)

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Added under a daily low...holding both profitable entries until we hit the target.

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Added more after we put out a new high.

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Almost at the target, pay close attention to it, the dollar index is near long term support, but there's still room left for oil to top.

Trade stängt: målet nått:

I'm long USDCAD for 2 days now. I think it has reversed.