Quick trade on US dollar Canadian dollar looking for a breakout lower back towards low 1.31 area into tomorrows Fed meeting where market is expecting a rate cut. Pair are looking overbought on hourly whilst we have had a serious of three lower highs and the psychological level 1.32 was tested as a spike/wick but failed to break higher or hold near.
Trading on a tight stop loss should this pair move higher and break out of lower highs pattern.
Clean, simple tight trade
Trade closed: target reached
⋅
Target hit ahead of the Fed meeting. Perfect timing and target point