USDCAD CONFIRMED BREAKOUT|CHART DECONSTRUCTED
The pair has broken out off the support it was holding for long time and has reached what might seem like a new support line of the diagonal channel.
The pair is now trading in a narrow range that is below 1.3789 level, that is a level on daily, which all together suggests a short.
The targets for the short are marked by dotted line, with each showing a daily level. If you want to see those daily levels, turn on the daily timeframe.
However, as I said, there might be a new diagonal channel forming, with the current range being on the support line of the new channel.
If that stands, then a move upwards is possible right up to the broken support.
The short trade looks better risk reward wise.
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Wish you all best of luck in your trading
The pair is now trading in a narrow range that is below 1.3789 level, that is a level on daily, which all together suggests a short.
The targets for the short are marked by dotted line, with each showing a daily level. If you want to see those daily levels, turn on the daily timeframe.
However, as I said, there might be a new diagonal channel forming, with the current range being on the support line of the new channel.
If that stands, then a move upwards is possible right up to the broken support.
The short trade looks better risk reward wise.
Guys, like, subscribe and join my FREE telegram channel for the exclusive content and fast updates.
Wish you all best of luck in your trading
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