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USDCAD on Retracement
For the current being, i will be strongly sided towards Sell for the Downtrend. However the price is now on bullish and i assume that is retracement period is taking over. Line price of 1.3488 is the last area of resistance that if the price can break this price, i will assume that downtrend is no more valid and sideway will be taking over. I will avoid the trade for this pair initially until it show a clear sign of trending.
My entry was based on the breakout of SnR line, trendline and also spotting the divergence. For the candle formation i will wait for the bearish engulfing. For the SL, i will suggest to put it at the high price of bearish engulfing formation.
My entry was based on the breakout of SnR line, trendline and also spotting the divergence. For the candle formation i will wait for the bearish engulfing. For the SL, i will suggest to put it at the high price of bearish engulfing formation.
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