Trading idea today. Sell usdcad on a break of 1.40200 and look for the first target of 1.39500 which is a 127% fib extension from the last high to lows. Use small position sizes and tight stops. Confluence around this area comes in at the major 38.2% retracement at 1.39700/1.39600 which is also around S2 support. Ultimately we are looking for 1.38500/1.37500 but intraday take snippets out of this choppy market. Bear in mind any rallies to 1.41000 will be sold. Keep an eye on USOil at the 34.000 level to offer resistance and slow the usdcad trend down.
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