Hello friends!
So the USDCAD is now trading in a downtrend confined by the diagonal resistance line.
We will take a look at two scenarios of a breakout trading:
1-Breakout upwards. Take notice of a small horizontal resistance area. The diagonal resistance breakout alone is insufficient of a signal in itself.Therefore, for the setup to be valid, wait for the red resistance area breakout, which then by extension, would mean the diagonal resistance breakout too.
Long after pullback.
2-Move within the triangle below the diagonal resistance.
Breakout down, retracement>>short.
Below is what the pair looks like on a larger timeframes.Take note.
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Note
Wait for the breakout
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✅ FREE Telegram channel: t.me/prosignalsfxx
✅ My Website: prosignalsfx.eu/
✅ For VIP SIGNALS contact: t.me/prosignalsfx_contact
✅ RELIABLE BROKER: prosignalsfx.eu/trustedbroker
✅ My Website: prosignalsfx.eu/
✅ For VIP SIGNALS contact: t.me/prosignalsfx_contact
✅ RELIABLE BROKER: prosignalsfx.eu/trustedbroker
Related publications
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.