USD-CAD SELL OPPORTUNITY
USD-CAD HAS BEEN ON STRONG BEARISH TREND AMID STRENGTH IN OIL AND WEAKNESS IN US DOLLAR. PAIR FORMED SYMMETRICAL TRIANGLE ABOVE 1.3480 ON M-15.
(1.3480 ACTED AS SUPPORT ON H-1 & LOWER TIME FRAME SINCE BEGINNING OF THE JUNE-2020.)
PAIR GAVE US THE FALSE BREAK OUT ABOVE THAT TRIANGLE AND FROM THERE IT REVERSED MANAGED TO BREAK AND CLOSE BELOW 50% RANGE OF SAME TRIANGLE. WHICH SUGGESTS THAT USD-CAD MAY GO FURTHER DOWN TOWARDS 1.3400 EVEN HANDLE.
SELL ENTRY: 1.3480
STOP LOSS: 1.3520
TARGET-: 1.3425 (1.618 FIB. EXTENSION OF ENTIRE RANGE OF TRIANGLE.
YESTERDAY'S OIL TRIANGLE PATTERN BREAK OUT TO THE UP SIDE ADDS CONFIRMATION TO OUR PREDICTION ON STRENGTH IN CANADIAN DOLLAR.
(1.3480 ACTED AS SUPPORT ON H-1 & LOWER TIME FRAME SINCE BEGINNING OF THE JUNE-2020.)
PAIR GAVE US THE FALSE BREAK OUT ABOVE THAT TRIANGLE AND FROM THERE IT REVERSED MANAGED TO BREAK AND CLOSE BELOW 50% RANGE OF SAME TRIANGLE. WHICH SUGGESTS THAT USD-CAD MAY GO FURTHER DOWN TOWARDS 1.3400 EVEN HANDLE.
SELL ENTRY: 1.3480
STOP LOSS: 1.3520
TARGET-: 1.3425 (1.618 FIB. EXTENSION OF ENTIRE RANGE OF TRIANGLE.
YESTERDAY'S OIL TRIANGLE PATTERN BREAK OUT TO THE UP SIDE ADDS CONFIRMATION TO OUR PREDICTION ON STRENGTH IN CANADIAN DOLLAR.
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