USDCAD has been trending downwards for 7 consecutive weeks now.
If we look in the monthly chart the downward momentum is now slowing down.
But a break in the 1.20000 price level will drag the prices down to 1.19000.
My bias for this week's movement will be a consolidation in 1.20300 to 1.20900 before breaking out in the wedge pattern next month (June) as we can see in the chart above.
There is also a good risk reward ratio if we have a bounce play in this area.
My bounce play as follow:
Buy entry: 1.20470
Stop : 1.20250
TP : 1.20900
Trade at your own risk.
Risk is the only guaranteed thing in the forex market.
Always manage your risk.
Give a thumbs up if you like my idea or give a comment if you have any thoughts you would like to share.
If we look in the monthly chart the downward momentum is now slowing down.
But a break in the 1.20000 price level will drag the prices down to 1.19000.
My bias for this week's movement will be a consolidation in 1.20300 to 1.20900 before breaking out in the wedge pattern next month (June) as we can see in the chart above.
There is also a good risk reward ratio if we have a bounce play in this area.
My bounce play as follow:
Buy entry: 1.20470
Stop : 1.20250
TP : 1.20900
Trade at your own risk.
Risk is the only guaranteed thing in the forex market.
Always manage your risk.
Give a thumbs up if you like my idea or give a comment if you have any thoughts you would like to share.
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.
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.