NZDCAD flagged up on my radar – presenting an excellent short trade opportunity.
The technicals are on point, and CAD is seeing some fundamental growth in line with rising oil prices.
First technical confluence we have on NZDCAD is the descending trend line – it is being retested for the 4th time, and the previous 2 days have closed up with exceptional bearish pin bars.
This double pin bar formation capped by a descending trend line, and the 786 fibonacci retracement level provides us with ample reasoning to go short.
For this position on NZD/CAD, I’m targeting the support region around 0.82500 – providing potential for 140 pips downside before I take profits.
Trade safe & manage risk.