#USDCAD Short Idea (Cypher, Fibonacci, Structure, 200sma)

#USDCAD Short Idea (Cypher, Fibonacci, Structure, 200sma)

@TradeYodha (TradeYodha.com)

Analysis:

1. 200 sma in the zone
2. 78.6 fib showing potential Cypher Pattern
3. DXY is showing a little opportunity to go long fir a retracement so is USDCAD

Trade Execution:

1. 2 Orders
2. One will be 1:1 limit
3. Second Order based on the confirmation in zone.

News/Fundamentals:

May 05: 12:30pm CAD Trade Balance
May 05: 12:30 USD Trade Balance
May 05: 2:00pm USD ISM Non-Manufacturing PMI

I would love to hear your opinion, feel free to agree or disagree in your comments. Please give it a (thumsup) if it makes any sense.