Pick of the Day: USD/CAD

Since there aren’t any news reports I thought I’d look for a resistance play in USD/CAD. I drew the fib extension lines to see where the pair was going and possibly make a reversal. 61% fib line is usually a pretty good reversal point, plus it’s right about the R1 line. So I’m going to short at 1.1731, go for 10 pips first, close half of positions, move stop to break even and go for 1.1715. My stop will be at 1.1745.

Or I will go short if the pair breaks below the drawn red line and the pivot point at 1.1685. I will go for 10 pips first, close half of positions, move stop to break even and go for the 200 SMA. Stop at 1.1705