Rejection at Support Turned Resistance
Greetings,
USDCAD has been in a ranging environment the past week, in-between around 1.297 - 1.31. After an impulsive leg down, price broke through the support level with strength and since then has created a weak correction back into this role reversal level. This hints at another potential leg down, especially with the rejection candle that formed off the level, with synergy from the 20 EMA.
Currently short at 1.29847 with a stop just above 1.3. Stop has already been moved to break even, eliminating all risk. Ideally looking to ride this until the significant support at around 1.27 but will be monitoring price action for hints of bull strength.
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Happy Trading,
Nazar.
USDCAD has been in a ranging environment the past week, in-between around 1.297 - 1.31. After an impulsive leg down, price broke through the support level with strength and since then has created a weak correction back into this role reversal level. This hints at another potential leg down, especially with the rejection candle that formed off the level, with synergy from the 20 EMA.
Currently short at 1.29847 with a stop just above 1.3. Stop has already been moved to break even, eliminating all risk. Ideally looking to ride this until the significant support at around 1.27 but will be monitoring price action for hints of bull strength.
If you agree with this analysis, hit the thumbs up.
If you want more content like this, follow me.
Message me with any questions you have or comment.
Happy Trading,
Nazar.
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