Roker1

Possible Reversal on USDCAD

Short
FX:USDCAD   U.S. Dollar / Canadian Dollar
Hi guys,
on USDCAD price has reached a key resistance area , therefore i were looking for a potential selling opportunity at this level. In the 4hr chart you can see we have huge divergence, along with a psychological number that could also provide some resistance.
But most importantly, price has formed a reversal pattern being the sequence of those 3 candles at that structure point: price broke through that level and after that break formed a doji candle followed by an engulfing . This signifies a lot of selling pressure.
Thus, i'm waiting to see a small pullback in order to get a better entry and therefore a better risk to reward ratio.
Stop above the highs, target1 at roughly 1:1 RR, target2 to be determined.

If you want to share your view, or ask questions, feel free to comment below.
Otherwise, see you in the next chart!
Trade active

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