Sell USDCAD Channel Breakout
Updated
The USD/CAD pair on the M30 timeframe presents a potential selling opportunity due to a recent downward breakout from a well-defined bearish channel pattern. This suggests a shift in momentum towards the downside and a higher likelihood of further declines in the coming hours.
Key Points:
Sell Entry: Consider entering a short position (selling) below the broken support level of the channel, ideally around 1.3580. This offers an entry point close to the perceived shift in momentum.
Target Levels: Initial bearish targets lie at the previous support levels within the channel, now acting as potential resistance zones:
1.3530: This represents the first level of support within the channel.
1.3511: This is a further extension of the downside target, based on the height of the recent price movement before the breakout.
Stop-Loss: To manage risk, place a stop-loss order above the broken support line of the channel, ideally around 1.3590. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Thank you
Key Points:
Sell Entry: Consider entering a short position (selling) below the broken support level of the channel, ideally around 1.3580. This offers an entry point close to the perceived shift in momentum.
Target Levels: Initial bearish targets lie at the previous support levels within the channel, now acting as potential resistance zones:
1.3530: This represents the first level of support within the channel.
1.3511: This is a further extension of the downside target, based on the height of the recent price movement before the breakout.
Stop-Loss: To manage risk, place a stop-loss order above the broken support line of the channel, ideally around 1.3590. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Thank you
Trade active
Note
Trade closed: target reached
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