USDCAD Channel breakout trade

FX:USDCAD   U.S. Dollar/Canadian Dollar
66 0 15
The USDCAD             had been trading in a channel for some time and we just got a break out to the downside. What we want to do now is essentially wait to see if the price rises again to retest the channel before it continues heading south. If the prices bounces up and then closes below the closest red line, this could be a good place to go short. Keep your eyes open for the 1.39500 level.

The move A - B give us an idea about where we might end up. Initial stop goes above the highs and the first target is a retest of the recent low. Second target is going to be the entire length of the move A - B; which is also a retest of the old low at point Y. This gives us a high probability trade with a great R/R profile.
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out