A short term short opportunity on USDCAD, to steal a few pips. After a sharp drop, price action ranged within a couple of bearish ascending channels. The risk reward is favorable, though not ideal:
Entry- 1.33835
TP- 1.33215
SL- 1.34135
I expect a break below this channel, then a retest before landing on a support line of the most recent low. My personal opinion is that this has a ways more to fall, but this is a safe TP in my opinion. The SL is above the most recent high of 1.34100.
Good luck!
Entry- 1.33835
TP- 1.33215
SL- 1.34135
I expect a break below this channel, then a retest before landing on a support line of the most recent low. My personal opinion is that this has a ways more to fall, but this is a safe TP in my opinion. The SL is above the most recent high of 1.34100.
Good luck!
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This ended up being a nice trade. Couldn't get much better on the Entry and tp prices. Profit taken.