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Why I'm selling USDCAD: Lambert

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February 24, 2017 clive lambert futurestechs, currency pairs, currency trading, forex, saxobank.com, saxotradergo, tradingfloor.com, usdcad
Clive Lambert of FuturesTechs explains why he is trading USDCAD.

On Wednesday USDCAD hit 1.3210, which is a Fibonacci level and according to Lambert is the 38.2% retrace of the sell-off we saw from late December to late January.  
 
Lambert also points to yesterday, where we saw selling to move further away from 1.3210 and where a red candle with Marabuzo resistance was posted at 1.3135. 

According to Lambert this is an area that looks interesting on the intraday timeframe charts.
 
So Lambert is looking to sell a rally to 1.3130, place a stop above 1.3170-75, and look for further weakness back to the 1.2969 low from late January. His timeframe is one week.

Clive Lambert explains the background to a selected trade every Friday on Trading Floor.