[B]Long or Short:[/B] Short
[B]Entry Point:[/B] Short at .9690
[B]Stop loss:[/B] .9910 – above recent highs
[B]Profit target:[/B] .9450
[B]Risk Percentage:[/B] 1.0%
[B]Reward-to-risk Ratio:[/B] 2:1
[B]Indicators used: RSI[/B]
[B]Trade Rationale:[/B]
The pair has consolidated into a really tight range lately and is still trading within a rising wedge. I feel that a break out is coming and I am favouring a break down lower. RSI is pointing downwards and the fair is having a lot of trouble closing above .9800.
Also, oil has been stronger lately, so I think we could see the CAD get a nice boost if oil prices continue to rise next week.
[B]Trade Adjustment: [/B]
If the pair continues to trade higher today and the beginning of next week, I will consider moving my entry point up higher, just putting it below the rising support line of the wedge.