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.
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.
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.
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