Hey guys! its your girl forex potatoe. Here we are again with our trade idea for today.
USDCAD is currently in a downtrend in 4H Timeframe, 1H and we can see the momentum is shifting from bullish to bearish in the 30 Mins and 15 mins Timeframe in the direction of 4H TF.
At the resistance, trendline as been broken and a head and shoulder formed now on the 1H signaling a weakness. My 50 EMA is also broken in the 15Min TF hence a signal to go short. A bearish engulfing close on the 4H has been formed multiple times so entries can be around this area or you can be more conservative and wait for more confirmations.
Price is currently in a fibonacci discounted price so enough confluences to take a short
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USDCAD is currently in a downtrend in 4H Timeframe, 1H and we can see the momentum is shifting from bullish to bearish in the 30 Mins and 15 mins Timeframe in the direction of 4H TF.
At the resistance, trendline as been broken and a head and shoulder formed now on the 1H signaling a weakness. My 50 EMA is also broken in the 15Min TF hence a signal to go short. A bearish engulfing close on the 4H has been formed multiple times so entries can be around this area or you can be more conservative and wait for more confirmations.
Price is currently in a fibonacci discounted price so enough confluences to take a short
If you like this sorta content, Kindly follow me, hit the boost button and let me know your thoughts on this Pair for the week.