USDCAD Makes Retest At 200 EMA After Bull Trap Breakout

here on the 1Hr Chart has printed an Ascending Channel and Bears have made a Breakout!

Price currently looks to be on its way to retesting the Breakout of the Channel with the 200 EMA and Upper Bollinger Bands sitting at the Rising Support adding some heavy Bearish Pressure.

Fundamentally, BOC will be releasing GDP m/m ( Gross Domestic Product ) numbers tomorrow morning at 0730 AM CST with analysts forecasting a .3% Increase at .1% with Previous being -0.2%.

Trade active

Short Entry @ 1.38200
SL @ 1.3836
TP @ 1.37595

Note

-CAD-
GDP -- Actual .1% / Forecast .1% / Previous -.2%

-USD-
Core PCE Price Index -- Actual .1% / Forecast .1% / Previous 0%

All forecasts came in as expected meaning no surprise movements and Price is still respecting the Breakout and Retest moving down to Lower Prices

Trade closed: target reached

USDCAD Hit TP

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