USDCAD has been creating lower lows and lower highs the past week and has offered several great sell opportunities, one of which I had posted a previous idea regarding (See related ideas below). Going into this week, USDCAD has formed a corrective move back into a previous support level, now turned resistance (Roughly 1.2925). This is an ideal area to form another lower high in anticipation to resume the downtrend and excellent confluence area to get in on this bearish momentum. It also lines up with the 20 EMA for additional synergy. If we correct a little higher, the next excellent opportunity to jump on is the 1.2972 handle.
Conservative traders can target the recent low at 1.286 as their initial target while more aggressive traders can look to ride this potentially all the way to the recent 1.27 double bottom or the longer term swing low just under 1.25.
Always keep an eye on price action for hints of reversals/exit areas.
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Happy Trading,
Nazar.
Conservative traders can target the recent low at 1.286 as their initial target while more aggressive traders can look to ride this potentially all the way to the recent 1.27 double bottom or the longer term swing low just under 1.25.
Always keep an eye on price action for hints of reversals/exit areas.
If you agree with this analysis, hit the thumbs up.
If you want more content like this, follow me.
Message me with any questions you have or comment.
Happy Trading,
Nazar.
Trade active:
Our entry was at 1.29187 with a tight 10 pip stop above. Currently in heavy profit with our stop moved ahead to lock in profits. Once this impulsive downward leg looks like it's losing steam and if we enter another corrective bullish move, I'll open another trade idea on where the next best area is to enter in on this bearish momentum.
