USDCAD short trade | Bearish continuation | multiple confluences
Here we have a beautiful trade setup for USDCAD.
Since our last call price has declined by 160 pips, breaking the small trend channel formed during the ABC correction.
We've seen price pull back to retest the bottom line of the channel & it is now trapped beneath the 0.382 fib retracement level.
Strong upside rejections supports the likelihood of bearish continuation, and we are now expecting to see the formation of wave 3,4 & 5 of a 5-wave move to the downside.
Trades should be placed near current market price for the bets entry level.
Updates will be posted as the trade plays out.
Since our last call price has declined by 160 pips, breaking the small trend channel formed during the ABC correction.
We've seen price pull back to retest the bottom line of the channel & it is now trapped beneath the 0.382 fib retracement level.
Strong upside rejections supports the likelihood of bearish continuation, and we are now expecting to see the formation of wave 3,4 & 5 of a 5-wave move to the downside.
Trades should be placed near current market price for the bets entry level.
Updates will be posted as the trade plays out.
Trade closed: target reached
Both downside targets reached: +198 Pips
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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.