The USD/CAD attempted to push higher last week topped at 1.2777 but whipsawed to the downside and closed lower at 1.2583. We know that the major trend is bearish and price is still moving strongly below the EMA 200 as you can see on my daily chart below. Price corrected higher three weeks ago, printed a bullish weekly candle but the bullish correction rally has weakened in the last two weeks after found a good resistance at 1.2750/77 area.

So here is the plan for USD/CAD this week:

  • Sell at 1.2700
  • Target 200-300 pips.
  • Stop loss 100-150 pips. Good luck!

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Active forex trader and analyst at FXInstructor.com. Began his forex trading career since 2000. His daily forex analysis also published at actionforex,com. A pure technician, his trading philosophy is "trading should be simple". Simplicity is the key to becoming a successful forex trader - not complicated trading systems - which are not nearly as effective in forex trading.