ginfrix

USDCAD (Bounce before the breakout)

Long
FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD has been trending downwards for 7 consecutive weeks now.
If we look in the monthly chart the downward momentum is now slowing down.
But a break in the 1.20000 price level will drag the prices down to 1.19000.

My bias for this week's movement will be a consolidation in 1.20300 to 1.20900 before breaking out in the wedge pattern next month (June) as we can see in the chart above.

There is also a good risk reward ratio if we have a bounce play in this area.

My bounce play as follow:

Buy entry: 1.20470
Stop : 1.20250
TP : 1.20900

Trade at your own risk.
Risk is the only guaranteed thing in the forex market.
Always manage your risk.

Give a thumbs up if you like my idea or give a comment if you have any thoughts you would like to share.

Comments

I hope that it will work
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ginfrix electricalFerr48994
@electricalFerr48994, hopefully by the end of the month
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