Trade idea on USDCAD
USDCADPrice has been in a bullish rally for some time until the highs from back in June 2018 were met again but no newer highs were formed.
Based on a possible swing trade on the D1 time frame I have been looking for a good (short) entry on H4, noting the bearish flag pattern emerging...
I will look to sell off the previous resistance level at 1.33159 and provisionally target 1.31859 around previous support - bearing in mind that the actual pattern (bearish flag) trade would be completed BUT keeping the swing trade (short) on D1 in the back of my mind.
Sell stop @ 1.33159
Take profit @ 1.31859 (provisionally)
Stop loss @ 1.33451 (above recent highs)
Don't bet the farm, always exercise good risk management
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