[B]My picks:[/B] Short USD/CAD
[B]Expertise:[/B] Fundamentals Combined With Technicals
[B]Average Time Frame of Trades:[/B] 1 Day - 1 Week
USD/CAD has been unable to break above resistance at 1.1780/1.1800, which I think creates a good opportunity to short the pair in light of the fact that FXCM SSI - a contrarian indicator - shows that traders remain net long by more than 2:1. Stops should be placed above 1.1800, where we have the 38.2% fib of 1.2270-1.1477 and the January 2009 lows (former support). Short-term targets include the monthly lows of 1.1477 (1.1500 for the sake of simplicity), where we also have the November 2008 lows, while longer-term targets sit at the 50% fib of 0.9058-1.3020 at 1.1047.