USDCAD has fallen out of its critical support line that dates back to February, and we are at the midst of hanging around the .618 zone of the most recent wave, which sits just below the support line. If we can close the daily, or even the 4H at or below this blue zone, this will be a confirmation to enter your short at 1.30598. Personally, I think the wick from the previous 4H candle says enough though, as the candle closed just below the blue zone.
The risk reward ratio on this trade is very favorable, so it's definitely a trade worth opening, although it may take a few days. Just be sure to set your stops in the appropriate positions and adjust as necessary if you would like to stay in the trade beyond hitting the target.
The risk reward ratio on this trade is very favorable, so it's definitely a trade worth opening, although it may take a few days. Just be sure to set your stops in the appropriate positions and adjust as necessary if you would like to stay in the trade beyond hitting the target.