USD/CAD has developed a head and shoulders formation which signal a reversal of the currency pair.
However the recent price momentum is too strong for any short positions to be taken as any retracement in price is supported by the support region of the head and shoulders formation.
The ideal short entry can be taken when price trades sideways (in the lower time frame) around the 1.35165 key level and breaks out of the lower time frame formation.
Measured profit target is located at 1.30753 region but key support region is at 1.3223. Traders should consider the key support at 1.3223 as the Take Profit - 1 target or began to trial their stops once this level is reached.
However the recent price momentum is too strong for any short positions to be taken as any retracement in price is supported by the support region of the head and shoulders formation.
The ideal short entry can be taken when price trades sideways (in the lower time frame) around the 1.35165 key level and breaks out of the lower time frame formation.
Measured profit target is located at 1.30753 region but key support region is at 1.3223. Traders should consider the key support at 1.3223 as the Take Profit - 1 target or began to trial their stops once this level is reached.
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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.