USDCAD (H4): Resistances in Play; Look to Short

USDCAD
Timeframe: H4
Direction: Short

Confluences for Trade:
- Price at Resistance of MT Trendline (Since June 2018)
- Price at Resistance of Asymmetric Triangle
- Price at 78.6% Fibo Retracement levels
- Stochastic Overbought momentum

Suggested Trade:
Entry @ Area of Interest 1.3055 - 1.3148
SL: 1.3233
TP: 1.2858
RR: Approx. 1.80 (Depending on Entry Level)


May the pips move in our favor! Good luck! :D

*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and we are not responsible for any losses derived from it.

Trade active

Comment:

Bank of Canada just hiked interest rates. Further supports our view.

Comment:

Move SL to BE, feel free to TP half your position and lock in some profits! :D

Trade closed: stop reached:

Took Half profits and got stopped out at BE. Good trade and it looks feasible to enter the trade again.

Trade active:

I believe this setup is still valid, it tested the resistance line of the assymetric triangle and is looking to test the support line again. If it breaks, it will head towards the TP levels again.