Short bias - counter-trend but price should be attracted back to the base line trend line:
4 Hourly
• +Intra-day bullish trend was recently broken
• +Retested ascending trendline from the other side PLUS a wick rejecting the 1.10 level
• +Also rejecting the descending trendline
• +50 EMA has crossed below 200 EMA to which confirms bearish bias
• +Path of least resistance is to the base line trend line
4 Hourly
• +Intra-day bullish trend was recently broken
• +Retested ascending trendline from the other side PLUS a wick rejecting the 1.10 level
• +Also rejecting the descending trendline
• +50 EMA has crossed below 200 EMA to which confirms bearish bias
• +Path of least resistance is to the base line trend line
Trade closed manually:
Momentum missed initial TP. Bias on USD/CAD is bullish so position closed manually to preserve profit and capital.
Comment:
Final R:R = 2.15