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USCCAD: Finally in a bearish market condition

The USDCAD traded in an undefined range for a while, but now it has broken a major support level indicating a strong bearish market condition:

USDCAD

USDCAD

This market condition is likely to continue until it hits the next long term support level at 1.0273, until then I will be looking for short trading opportunities.

My Trading Plan:

As long as the USDCAD keeps trading below 1.0606 I will be looking for short trading opportunities. All TP orders will be set above the next long term support level at 1.0273

All long opportunities will be ignored.

Trade Safe!

Raul Lopez

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This entry was posted on Monday, November 9th, 2009 at 6:43 pm and is filed under Technical. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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