USDCAD short trade gets a trendline

2015年5月4日

The USDCAD trade is now 17 days old and is making slow progress. After riding out a bullish candlestick pattern last week I have been able to draw the first bearish trend line, this is always a good sign, it means a lower high is in place adding extra confirmation to the bearish scenario. I consider myself a forex value investor and trades typically last 6 months or longer, this initial phase is always the most difficult. I am always trying to get into a trend as early as possible and many of the trades fail when the trend does not develop. Still major fundamental headway for this trade and a resistance zone that held last week however I continue to hold short