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BoonHooi
Mar 17, 2017 2:18 AM

USDCAD Completed a Bearish Bat pattern and fell Short

U.S. Dollar/Canadian DollarFXCM

Description

The pair completed the bearish pattern. Price reacted to the PRZ and fell.
The FOMC data pushed this much lower. However I do not think that the down move is completed yet.

Trade execution
I would like to see some retracement (which is happening now), to continue shorting this pair.
Hopefully this can create a classical continuation pattern (bear flag or a triangle) to allow us to enter

This is a similar setup that I am waiting for in the USDJPY

Comment

Added in the Bollinger Bands to look for potential entry levels, hopefully at the middle or the upper band

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