jojofang0901

USDCAD Broke Previous Lows, Watch for Continuations

Short
OANDA:USDCAD   U.S. Dollar / Canadian Dollar

Hi traders:

Looking at the USDCAD's price action for potential further downside opportunity.

We can see after price has hit the higher time frame double tops, it corrects into an ascending structure, which is a possible indication of a reversal price action.

We then indeed see a strong bearish impulse phase happen, and price pushed down aggressively.

Now that price has manage to break pass the previous lows, good indication of further downside momentum from the price.

We can now wait for a consolidation here to form into a bearish continuation correction, and look for sell entry down to previous lows as a potential target.

Be patient and wait for setup to form :)

Thank you
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