Technician
Short

#USDCAD: Further Downside Likely #forex

FX:USDCAD   U.S. Dollar/Canadian Dollar
1720 6 37
Sideways breakout hints a deep correction!

  • The pair has broken the support of the main rectangle pattern at 1.2370 area.
  • The price has broken the short term 50-days SMA
  • Breakout below the short term rising trend line

Measured target for the rectangle pattern suggest a retest of the main rising trend line area as the next possible target. I illustrated a potential scenario on chart. Stability back above 1.2480 may negate this scenario

Good luck...
http://thefxchannel.com/ , visit.. vote and subscribe. Thank you
https://twitter.com/thefxchannel
My best regards
Technician
My trading ideas channel https://telegram.me/technician_forex_trades

Get your gift : https://thefxchannel.com
Totally agree. Hoping for a retest of the rectangle when I can get a tight loss short.
Reply
Technician TOP Tom_Killick
Yep, same here.
-1 Reply
Hey Technician, Looking for retest as well. Good Luck !!
Reply
Agree with the idea Tech! Good simple analysis as always =D
Reply
I am also agree...
Reply
Yes, waiting for retest.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Signal Finder 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