USD/CAD has been bearish on the intraday charts. The price has made a breakout towards the South. It may go towards the upside, consolidate, and make another bearish move. Yesterday's daily candle was bullish. However, the H4 chart shows that the price has had the rejection from a level of resistance where the price had a rejection earlier. Thus, an H1 bearish reversal candle followed by a breakout at today's lowest low may drive the price towards the South further.

USDCAD

 

Trader Summary

Entry: Below 1.31600

Stop Loss: Above 1.31770

Take Profit 1: 1.31415

Take Profit 2: 1.31260

Take Profit 3: 1.31070

Please Note

It may take more than a candle to make the breakout. The price may take some time to hit Take Profit 2 and Take Profit 3. Partial profit may be taken out at Take Profit 1 to let rest of the trade run to hit the 2 nd and 3 rd target.

 


 

Try Secure Leveraged Trading with EagleFX!

Risk Warning: CFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with us, as well as any additional losses, charges, or other costs we incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs and level of experience. You should also be aware of all the risks associated with trading on margin.

Analysis feed

Latest Forex Analysis

Editors’ Picks

GBP/USD soars past 1.2900 as Farage gives additional boost to Conservatives

GBP/USD has leaped above 1.29, the highest since early November, as the Brexit Party has failed to field candidates in 43 additional seats, facilitating a victory for PM Boris Johnson.

GBP/USD News

EUR/USD advances 1.10 amid upbeat trade headlines, after mixed US retail sales

EUR/USD is trading closer to 1.1050, up on the day. US Commerce Secretary Ross has expressed optimism about reaching a deal with China. The Retail Sales Control Group met expectations with 0.3%.

EUR/USD News

USD/JPY clings to gains near session tops, around 108.70 post-US data

The USD/JPY pair maintained its strong bid tone near session tops and had a rather muted reaction to the mixed US economic data.

USD/JPY News

US Dollar Index challenges weekly lows near 98.00

The US Dollar Index (DXY), which gauges the buck vs. a bundle of its main rivals, is now accelerating the downside and threatens to test the key support at 98.00 the figure.

US Dollar Index News

Trump Impeachment: Markets will not like any replacement

The public phase of the impeachment hearings against President Donald Trump has kicked off, with the US public and parties divided more than ever. How does it affect markets?

Read more

Forex Majors

Cryptocurrencies

Signatures