The pair USDCAD has formed a head and shoulders pattern on the 4h chart.
1.3000 area seem like strong resistance while 1.2700 will provide good support.
The price has broken the support trend line, also acts as the neckline of the head and shoulders pattern.
A short is recommended once price will retest the neckline and resistance @1.3000 with a stop loss @1.3070 and take profit @1.2750.
Stay Tuned.
1.3000 area seem like strong resistance while 1.2700 will provide good support.
The price has broken the support trend line, also acts as the neckline of the head and shoulders pattern.
A short is recommended once price will retest the neckline and resistance @1.3000 with a stop loss @1.3070 and take profit @1.2750.
Stay Tuned.
Comment:
Price has accelerated to the downside. Currently trading @1.2810. Target will be reached in a day.
Trade closed: target reached:
Target has been reached this Asian morning session. USDCAD touched 1.2700 and bounced to 1.2810.
Trade active:
It was a mistake this morning. Trade is still active.
Trade closed: target reached:
Price reached 1.2750
