we saw the move lower for USDCAD in the beginning of the week completing the pattern we were looking for. Our long term short target has been hit and as I mentioned in my weekly video; 'if we break below previous low (4hr tf), I will be looking for a bullish reversal'. Currently we see a minor consolidation before we see the next push higher towards 1.3040ish.
At the moment this minor correction looks like a contracting pattern but it can turn into a more significant correction, both are fine by me although a more significant correction will increase risk/reward for me.
Safe trades!
Trade closed: target reached
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target has been reached, if you still long move stop to break even.
@CarlosAponteJr, I just uploaded a new weekly video where I elaborate on what to expect next, that provides you with some context. Have a nice weekend.
CarlosAponteJr
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@TimStuyts, Where can i find the video you uploaded? Thanks in advance and have a great weekend as well.
huzteck
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Very excellent explained Sir, Thankyou so much :)
TimStuyts
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@huzteck, happy to hear, hope you were able to profit from it!