USD/CAD failing to break above a short term downtrend

Here’s a quick update on my paper trade in forex for USD/CAD. USD/CAD touched 1.0845 yesterday and dived back down. It is trading at just below 1.0690 now. I moved my stop higher to 1.0648 yesterday as USD/CAD broke above the short term trendline (Figure 1). There’s not many pips separating the price and my stop, so there’s a good chance that my stop will get gunned down.

As can be seen from Figure 1, the resistance is at 1.0770 and support is at a recent low of 1.0585. The current trend is also pointing downward.

USD/CAD 60-minute

Related posts:

1. USD/CAD holding on to intermediate term support at 1.0868
2. Paper trade: Stopped out of USDCAD short @ 1.0640 for -67 pips, re-entering @ 1.0680
3. Paper trade: Short NZD/USD 100% @ 0.73701, stop 0.7480
4. Paper trade: NZD/USD short stop entry 0.7262, exit trailing stop 0.7300
5. Paper trade: Short USDCAD @ 1.0671, Stop 1.0756, Target 1.05761