Bearish Bias on USDCAD
PAIR IN FOCUS: USDCAD
ACTION: SHORT
Price has printed a Weekly Bearish engulfing candle, which is a trigger for a short trade. Price has been retesting the broken trend line for a couple of weeks and finally properly rejected it.
Looking for a retrace up to the Entry Zone, before dipping back down. There are 2 TP areas for this trade, with TP 2 being a longer-term target. It is possible for price to just dip straight into TP 1 and rebound from there, observe the price action.
The Entry Zone, TP 1, TP 2 and Stop Loss have been indicated on the chart.
ACTION: SHORT
Price has printed a Weekly Bearish engulfing candle, which is a trigger for a short trade. Price has been retesting the broken trend line for a couple of weeks and finally properly rejected it.
Looking for a retrace up to the Entry Zone, before dipping back down. There are 2 TP areas for this trade, with TP 2 being a longer-term target. It is possible for price to just dip straight into TP 1 and rebound from there, observe the price action.
The Entry Zone, TP 1, TP 2 and Stop Loss have been indicated on the chart.
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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.