Fxprotrader

USDCAD@ One More Rally Before Massive Drop

Long
Fxprotrader Updated   
FX:USDCAD   U.S. Dollar / Canadian Dollar
Looking at the monthly chart i truly believe that usdcad uptrend comes to an end. Looking at the daily we can clearly see an uptrend with price having already 3 elliott waves. Price is now testing a key support level and if we don't witness a breakout we can say that we have and wave 4 completed.

In the 4h chart we see a RSI divergence we is a sign that price will reverse. A nice way to trade this setup is to wait for a bullish harmonic pattern to form in the lower timeframes. Stoploss and profit targets as shoen in the chart.

RSI divergence:

Trade closed: target reached:
First target reached, move stoploss to breakeven in the second one.
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