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Why I'm short USDCAD: Lambert
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.
01:11 minutes
Tags: bearish, forex, fx forex, fx trading, saxobank.com, saxotradergo, short-selling, tradingfloor.com, usdcad
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