USDCAD - Get on board for this short (TCT)

After a rather successful trade to the downside on this pair (see link below), price has now retraced to what used to be a support level. I estimate the likelihood of this support becoming resistance now quite high and see it as an opportunity to go short again as a trend continuation trade (TCT).

The risk/reward ratio is exceptionally good. Cautious trades are looking at an approximate 2:1 for a drop down to the previous lows. More adventurous traders could shoot for extended targets being the previous resistance level around the 1.34 even handle which could become support now and presents an almost 4:1 RR.

Let me know what you think ! Constructive comments are always welcome !

Trade ist aktiv:

Faster than expected (thanks to the good CPI numbers) my pending short got filled.

Trade geschlossen: Ziel wurde erreicht:

It took a while and did not look good at some moments, but we finally reached targets.
What's up next ? Check the following idea :