Hi fellas,
We have witnessed some upside movement last week but that upside movement was capped by strong resistance and we have seen multiple attempt but failed to break which was followed by bearish engulfing candle which suggest USDCAD is opening the door for more bearish run in coming days. We have an active ascending and decending tringle forming for a while now and price action is respecting both channel. Hence my tp may vary depending on when it is hitting the ascending trend line. Basically I will close my trade once it hits the ascending trend line and look for long setup from there.
But for now I have marked tp and sl for you. Let me know your thoughts.
Trade safe and good luck.
Cheers,
B
We have witnessed some upside movement last week but that upside movement was capped by strong resistance and we have seen multiple attempt but failed to break which was followed by bearish engulfing candle which suggest USDCAD is opening the door for more bearish run in coming days. We have an active ascending and decending tringle forming for a while now and price action is respecting both channel. Hence my tp may vary depending on when it is hitting the ascending trend line. Basically I will close my trade once it hits the ascending trend line and look for long setup from there.
But for now I have marked tp and sl for you. Let me know your thoughts.
Trade safe and good luck.
Cheers,
B