USDCAD 4h outlook
Updated
Hello.
there's a butterfly pattern and an A bat pattern completed here. I expect a corrective move down to specified targets. My SL is above the resistance area (showed on the chart).
the blue trend-line is daily bearish trend line. if the pair breaks this trend line in daily candlestick then I'll share my idea about bullish targets later on.
and again, If the pair couldn't go past the first 2 targets it means the previous trend is strong and the pair can break the resistance area later.
there's a butterfly pattern and an A bat pattern completed here. I expect a corrective move down to specified targets. My SL is above the resistance area (showed on the chart).
the blue trend-line is daily bearish trend line. if the pair breaks this trend line in daily candlestick then I'll share my idea about bullish targets later on.
and again, If the pair couldn't go past the first 2 targets it means the previous trend is strong and the pair can break the resistance area later.
Trade closed: stop reached
On this analysis, I failed and I don't know the fundamental cause of this and I don't understand the market's behavior here.I'll step out for a phew days to figure it out.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.