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Still selling USDCAD: Collins

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March 23, 2016 foreign exchange, forex, forex exchange, forex idea, forex market, forex markets, forex saxo bank, forex trade idea, forex trading, forex usdcad, forextrading, fx, fx crosses, fx forex, fx investing, fx market, fx markets, fx saxo bank, fx strategy, fx trade, fx trade idea, fx traders, fx trades, fx trading, fx usdcad, fxmarkets, saxo tv, tradingfloor.com, tradingfloorcom, usdcad, usdcad bear, usdcad bearish, usdcad sell, usdcad trading
Alan Collins from 3CAnalysis explains why he is still selling USDCAD. The underlying tone for sentiment for the coming days is clearly negative and prices have fallen more than 17 big figures from January’s peak. 
January’s upside rejection formed a Bearish Shooting Star and last week and was the 9th consecutive down week. More importantly, the decline has been marked by a hugging of the lower end of the daily Keltner channel and rallies have been capped by the 13-day moving average – the midpoint of the channel. The rebound from last week's low currently lacks the momentum to test the key average point.
So Collins expects to short in the immediate term near 1.3100 looking to add to shorts at 1.3140. Downside targets are 1.3031, 1.2994 and 1.2922 and only above 1.3204 is positive.
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