Breakout ahead on USDCAD
Updated
After offering a great buy opportunity earlier this month the USDCAD pair is consolidating on the 60m timeframe.
Similarly, the RSI Exhaustion at the bottom is consolidating.
Both these consolidations mean that the pressure is increasing and ultimately the pair will break either to the upside (trend continuation) or to the downside (trend reversal).
Remember to stay patient and always look for confirmation from the indicators!
Similarly, the RSI Exhaustion at the bottom is consolidating.
Both these consolidations mean that the pressure is increasing and ultimately the pair will break either to the upside (trend continuation) or to the downside (trend reversal).
Remember to stay patient and always look for confirmation from the indicators!
Note
It ultimately broke down on a blue candle (colored by the Breakout Pivotal Bar). Because of its uncertainty, it was better to wait for the retest of the breakdown and enter there with a strict SL.SL just above the retest.
TP at the consolidation's low.
Overall, 2.08x profit.
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