I am not an expert on USDCAD but here is my idea
I am expecting a consolidation here, hugging the top of the trendline, then taking out the top for liquidity, then rejecting downwards, beginning it's new downtrend.
If price wants to go down from a higher timeframe perspective, we should see this setup forming (shown in pink arrows) for a continuation trade downwards.
Here is the view of the bigger perspective showing a big triple top, Head & Shoulders formation:
If price wants to go down from a higher timeframe perspective, we should see this setup forming (shown in pink arrows) for a continuation trade downwards.
Here is the view of the bigger perspective showing a big triple top, Head & Shoulders formation:
Order cancelled
It did not show any sign of weakness, so did not take the trade
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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.