Multiple rejections at 1.7100 and double top at 1.7150 are suggesting a reversal. Watch price action before trading.
Possible upside. Watch price action before entering a trade.
Watch price action and enter with proper risk management.
This is one of the possibility. The other is if it doesn't complete a bear flag and goes back in the pattern to create an expanding pattern but this is more likely the possibility in smaller time frames as well. Waiting for it to create a bear flag and drop down. Watch price action before trading.
Created a double top and the ascending channel looks complete. I would enter with a small lot size first and 30 pips stop and see how it turns out. Watch pattern and price action before placing a trade.
It can go up to the trend line and make a double top before it falls, or it can just fall from where it is but watch price action and the pattern to enter at a low risk position.
Expecting it to retest and then rise. Watch price action before trading.
Potential downside. Watch for reversal signs.
Expecting it to drop. Enter trade with proper risk management.
Hi Traders, This is my view on USDCAD. This is not a day trading idea so please watch price action before trading.
Watch price action before trading.