USDCAD is breaking the uptrend channel
Updated
In 30 minutes chart, the pair has created a lower high point. Price retested 1.2530 then moving downwards, running below 200 MA and heading to potential reversal point 1.2490.
There is a potential bullish gartley pattern with D point at 1.2490. So price is now may forming the CD leg of the chart.
But I won't choose to take long position immediately once price hit the level, instead, I’m going to find confirmation signals then decide to buy or sell.
As a trade in short time frame, I won't choose to hold it for too long, in order to improve the turnover and efficiency of the money.
Pay attention to the president Trump's speech on Thursday. Wordings relate with giving pressure to Iran may trigger the tension and improve the oil price, which may in turn help the pair moving further lower.
There is a potential bullish gartley pattern with D point at 1.2490. So price is now may forming the CD leg of the chart.
But I won't choose to take long position immediately once price hit the level, instead, I’m going to find confirmation signals then decide to buy or sell.
As a trade in short time frame, I won't choose to hold it for too long, in order to improve the turnover and efficiency of the money.
Pay attention to the president Trump's speech on Thursday. Wordings relate with giving pressure to Iran may trigger the tension and improve the oil price, which may in turn help the pair moving further lower.
Note
Met some trouble in showing the regression channel, u can check it from below picture. Now price is approaching 1.2490, since there is a bulling gartley, if price lose downside momentum, consider to take profit.
Trade active
Price retested 1.2530 and failed to stand above,successfuly hit TP1 1.2490 and TP2 1.2450, further downside movement.
u can take profit, or leaves small positions below 1.2450, regard as a risk fee trade, watching 1.2400-1.2380 level
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