USDCAD Analysis: Is it Time to Sell?
Hey traders,
The USDCAD recently broke above its double top, and now at its trendline resistance, which was previously a support zone, has now become a resistance level.
Usually, I'm not a fan of these setups, but if this is what the market is providing, we can wait for confirmation at the trendline resistance that we are turning bearish before we move ahead and enter a sell trade.
For a stop loss, we can place it above the trendline resistance or use an ATR-based stop loss, depending on the entry strategy.
Our target would be the next level of support, which is located just near 1.3500.
Keep following and liking this post for more exciting trading insights. Don't hesitate to share your thoughts in the comments section below. 📈
The USDCAD recently broke above its double top, and now at its trendline resistance, which was previously a support zone, has now become a resistance level.
Usually, I'm not a fan of these setups, but if this is what the market is providing, we can wait for confirmation at the trendline resistance that we are turning bearish before we move ahead and enter a sell trade.
For a stop loss, we can place it above the trendline resistance or use an ATR-based stop loss, depending on the entry strategy.
Our target would be the next level of support, which is located just near 1.3500.
Keep following and liking this post for more exciting trading insights. Don't hesitate to share your thoughts in the comments section below. 📈
Trade closed: target reached:
100 pips, closed, enjoy
