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.
Entry: Below 1.31600
Stop Loss: Above 1.31770
Take Profit 1: 1.31415
Take Profit 2: 1.31260
Take Profit 3: 1.31070
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.
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