Alan Collins is shorting USDCAD as he believes the limited bounce only emphasises the current underlying negative tone; "The last 2 weeks have seen a strong profit taking reaction to gains of more than 15 big figures from May’s low. Two Negative weekly performances in a row have been posted and although last week's lows, and the 100 day moving average, have been rejected, the rally has in itself been constrained by the more important 13 day line."

With October's rally capped, a Keltner channel angling lower and spot prices tracking the lower end of that channel, Alan is setting shorts.

 

Sell at 1.3020 and a rally to 1.3045. 

Targets: 1.2976, 1.2945 and 1.2897 

Only above 1.3081 is Bullish.