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Why I'm short USDCAD: Lambert

Clive Lambert - FuturesTechs
According to Clive Lambert of FuturesTech, USDCAD has hit big resistance at 1.3314 this week. Not once but twice, and we’ve fallen over both times, he says. 

Yesterday a “Bearish Outside Day” was posted, but trend support was held. The line sits at 1.3189 today, and since the overnight low was 1.3184, the line is holding for now. But for how long?

Lambert believes a break of this line would confirm the reversal pattern and he is looking to sell a break of the overnight low at 1.3184 with a stop above 1.3237 (Marabuzo). 

His targets are 1.3000 and 1.2930.

Lambert features analysis of a selected trade every Friday on Trading Floor.

Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
Get on with it.... and make it a clean break, please... something we can have some faith in!!
Corto Maltese Corto Maltese
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
Nice call Clive... hope you are keeping well
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
I'm good thanks Ian. Have a good weekend fella. ;-)
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
If you didnt do this trade on friday, or if you closed it before the weekend, it's worth noting that we rallied to the breakout point this morning and found sellers. This says to me it's still a good trade!
fxtime fxtime
Totally agree :-)
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
This shouldn't get back above 1.3120-40 today so we can now move the stop to just above this zone.
Nice one Clive!
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
Yesterday saw weakness to 1.3005 followed by a sharp bounce that's left a "Hammer" shaped candle on our daily chart, with a low just above short term Fibonacci support at 1.2988. This "calls off the hounds" for now on any bear move.


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