BluetonaFX - USDCAD Cup & Handle Pattern SHORT Idea
Hi Traders!
There is a potential cup and handle pattern forming on the 4H USDCAD chart, and there is potential for further moves to the downside depending on whether we get an important support price break.
Price Action 📊
The market has had an up wave to start the cup pattern and a down wave to finish the cup pattern. The market has now almost reached our support level at 1.35618, and there is potential here for a market consolidation period, which will be the cup handle.
We are looking for a momentum price break and a close below the support line at 1.35618 for further continuation to the downside.
Fundamental Analysis 📰
Traders are currently nervous about the US dollar. With the Fed Minutes meeting tomorrow, the market will be looking for hawkish statements from the Fed in response to the very strong economic data recently published.
Support 📉
1.35618: SUPPORT LINE
Resistance 📈
1.36022: PREVIOUS DAY'S HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
There is a potential cup and handle pattern forming on the 4H USDCAD chart, and there is potential for further moves to the downside depending on whether we get an important support price break.
Price Action 📊
The market has had an up wave to start the cup pattern and a down wave to finish the cup pattern. The market has now almost reached our support level at 1.35618, and there is potential here for a market consolidation period, which will be the cup handle.
We are looking for a momentum price break and a close below the support line at 1.35618 for further continuation to the downside.
Fundamental Analysis 📰
Traders are currently nervous about the US dollar. With the Fed Minutes meeting tomorrow, the market will be looking for hawkish statements from the Fed in response to the very strong economic data recently published.
Support 📉
1.35618: SUPPORT LINE
Resistance 📈
1.36022: PREVIOUS DAY'S HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
Comment:
Cup Handle now formed, waiting for end of consolidation and break of the cup handle.
Trade closed: stop reached