Short setup for CADUSD on the daily

The CADUSD appears to be retesting resistance with an overbought RSI. If the market closes at or below 0.7832, we could be looking to get short with targets at 0.7678 or 0.7498. 0.7678 is a minor support level, and the 0.7498 is a .618 Fibonacci level that corresponds with previous structure support. Stops need to go at 0.7948 (above highest high), giving us a decent risk/reward profile. Target one gives us ~150 pips, and target 2 gives us ~330 pips. Our stop loss gives us 116 pips of risk, so we are looking at a risk/reward ratio of between 1 and 2.

Trade geschlossen: Stop wurde erreicht:

Another one for the L column. Market pushed up and into the stops without so much as a kiss good-bye.