FX.co ★ Trading plan for USDCAD

Since last week when USDCAD was challenging the upper channel boundary and our bounce target of 1.31-1.3150, we are bearish looking for a trend reversal towards 1.29. Our short position was reopened at 1.3130.

USDCAD is still inside the bearish channel. Price has stopped the advance at the upper channel boundary and is reversing. We remain bearish since 1.3130 with 1.3230 as stop. Target is 1.29 and bears want to see price break below 1.3045 in order to confirm rejection and reversal. A push above 1.3130 will put this trade at risk of getting stopped.