Hi trader's,
we saw the move lower for USDCAD in the beginning of the week completing the pattern we were looking for. Our long term short target has been hit and as I mentioned in my weekly video; 'if we break below previous low (4hr tf), I will be looking for a bullish reversal'.
Currently we see a minor consolidation before we see the next push higher towards 1.3040ish.
At the moment this minor correction looks like a contracting pattern but it can turn into a more significant correction, both are fine by me although a more significant correction will increase risk/reward for me.
Safe trades!
we saw the move lower for USDCAD in the beginning of the week completing the pattern we were looking for. Our long term short target has been hit and as I mentioned in my weekly video; 'if we break below previous low (4hr tf), I will be looking for a bullish reversal'.
Currently we see a minor consolidation before we see the next push higher towards 1.3040ish.
At the moment this minor correction looks like a contracting pattern but it can turn into a more significant correction, both are fine by me although a more significant correction will increase risk/reward for me.
Safe trades!
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target has been reached, if you still long move stop to break even.
