USDCAD - Counter trend short setup
Daily: Two long wicked reversal candle, some hesitation and today finally a dip back below 1,1250 key level. Still we need to wait for the closing.Slow Stoch is bearish, MACD is about to give a sell signal too. The correction can take place down to Kijun Sen or to the trendline. Lower supports: 1,1100 - 1,1150
4 Hrs: Still in a bullish uptrend, but Tenkan/Kijun made weak bearish cross, Chikou is below Price candles, Price retested Kijun Sen twice, but Kijun perfectly blocked the spike. Now 100 WMA and Kumo is under attack, I think it is not a bad risk/reward to go short on any spikes into the Cloud, but probably only tomorrow will decide when US CPI, CAD retail sales and CAD rate decision will be out.
4 Hrs: Still in a bullish uptrend, but Tenkan/Kijun made weak bearish cross, Chikou is below Price candles, Price retested Kijun Sen twice, but Kijun perfectly blocked the spike. Now 100 WMA and Kumo is under attack, I think it is not a bad risk/reward to go short on any spikes into the Cloud, but probably only tomorrow will decide when US CPI, CAD retail sales and CAD rate decision will be out.