USD/CAD: Getting the platform ready to make a bearish move

EagleFX Team EagleFX

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.

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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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