USDCAD Trendline Break or Continuation?
Hi guys, here is my analysis about 
USDCAD.
Price has touched the trendline and the support in the same time so what will happen.
Following the trend it should continue to pushing up but being very close to the 0.5 Fibonacci level it is possible that will broke down.
My entry setup:
Follow me for other analysis and if you have any question or suggestion let me know commenting below.
Thanks for reading.
USDCAD.Price has touched the trendline and the support in the same time so what will happen.
Following the trend it should continue to pushing up but being very close to the 0.5 Fibonacci level it is possible that will broke down.
My entry setup:
- I will enter SHORT at the support retest to be sure of the broke down. Take profits will be at each one of the three swing low (Red circles on the chart);
- I will enter LONG at the broke of the flag (purple trendline). Take profits will be at the 0.5 Fibonacci level at 1.33398 and 0.382 Fibonacci level at 1.34160.
Follow me for other analysis and if you have any question or suggestion let me know commenting below.
Thanks for reading.
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.