This is a USD CAD short trade where the price action has formed a V shaped reversal and where a modest stop loss is incorporated to lower the risk.
Price action on the pair has topped out at 1.4135 recently, which was largely based on the oil price falling in recent days. However, price action may now be more focussed on the US Dollar which has topped out also on the DXY index at around 100.00 and looks for downward resumption during the US session today.
Instant execution short at around 1.4100
Stop loss 1.4160
Profit target 1.3973
Risk
Standard lot: $600
Mini lot: $60
Micro lot $6
