Potential Sell entry at 1.25946 and TP at 1.24352
Multi Timeframe Analysis
My trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace in the direction of the D1 master trend.
Recommendation:
USDCAD had been making impulsive moves to the downside but as we see, the daily candles had been getting exhausted. Retracement at D1 to structural support at the 38.2% Fibonacci had already commenced making it ripe for further short opportunity with TP target at the -27.2% of the Fibonacci. 0.43587 is the goal.
Entry rule: 4H chart should confirm that the bearish retrace had turned the bullish with MACD above zero and the price goes above the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI is over the 50 signal line Potential Entry at 1.25946
Potential profit target at 1.24352 or the -27.2% Fibo
Trade short with confidence: COT reports confirm the direction
My trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace in the direction of the D1 master trend.
Recommendation:
USDCAD had been making impulsive moves to the downside but as we see, the daily candles had been getting exhausted. Retracement at D1 to structural support at the 38.2% Fibonacci had already commenced making it ripe for further short opportunity with TP target at the -27.2% of the Fibonacci. 0.43587 is the goal.
Entry rule: 4H chart should confirm that the bearish retrace had turned the bullish with MACD above zero and the price goes above the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI is over the 50 signal line Potential Entry at 1.25946
Potential profit target at 1.24352 or the -27.2% Fibo
Trade short with confidence: COT reports confirm the direction