The pair USDCAD has formed a head and shoulders pattern on the 4h chart.
1.3000 area seem like strong resistance while 1.2700 will provide good support.
The price has broken the support trend line, also acts as the neckline of the head and shoulders pattern.
A short is recommended once price will retest the neckline and resistance @1.3000 with a stop loss @1.3070 and take profit @1.2750.
Stay Tuned.
1.3000 area seem like strong resistance while 1.2700 will provide good support.
The price has broken the support trend line, also acts as the neckline of the head and shoulders pattern.
A short is recommended once price will retest the neckline and resistance @1.3000 with a stop loss @1.3070 and take profit @1.2750.
Stay Tuned.
Note
Price has accelerated to the downside. Currently trading @1.2810. Target will be reached in a day.Trade closed: target reached
Target has been reached this Asian morning session. USDCAD touched 1.2700 and bounced to 1.2810.Trade active
It was a mistake this morning. Trade is still active.Trade closed: target reached
Price reached 1.2750
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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.