FXtrades-gp

USDCAD: Short opportunity on this PULLBACK

Short
FX:USDCAD   U.S. Dollar / Canadian Dollar
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🟢Forex Pair:
USD/CAD

Technical Analysis:
On the 26th of January, the price got a really interesting bullish impulse on the level at about 1.26900, that moved the price up until the level at about 1.28800.
Since that moment, the price has been creating a descending channel pattern, bouncing few times on its dynamic resistance line, making on every bounce a lower high.
On the 7th of February 2021, the price broke through the support level at about 1.27600, and it is currently moving with an upbar, with a possibilitity to see a nice pullback on the current level.

🔴Conclusion:
I previously was looking for a long trade, but the price broke through its support zone instead its dynamic pattern's line, market changes every time and we need to adapt our trade style on different kind of situations.
If the price will pullback on the S/R zone at about 1.27600, I'd definitely entry short on a proper rejection.
My possible entry point could be the level 1.27300, with a first take profit on the level 1.26850 and a second take profit on the next support zone at about 1.26200

Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!

⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni

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Comments

What a nice retest we got of the resistance! But my last target is where your first target is! otherwise, good trade!
+2 Reply
FXtrades-gp TopTradingSignals
@TopTradingSignals yes, the second TP needs obviously a confirmation, it depends how the price will react on the fist support ! Market always changes and we will adapt our strategy on that condition :)
Reply
Looks good!
+1 Reply
FXtrades-gp KlejdiCuni
@KlejdiCuni, thanks a lot! I really appreciate!
Reply
I think we will see a pullback from this first target, and then possibly go lower! Oil is wildly bullish, so Cad is strong as well
+1 Reply
FXtrades-gp ProSignalsFx
@ProSignalsFx, that's absolutely true! impressive! thanks for your interesting opinion!
Reply
great analysis this is a on our outlook as well!
+1 Reply
FXtrades-gp FlyDownX
@FlyDownX oh nice ! I’ll check it now 😃
Reply
good catch Gianni!
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst thanks Rich !! 🙏🙏
Reply
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