Swing Trading Strategy USDCAD – 22nd April 2019

Swing Trading Strategy USDCAD – 22nd April 2019

USDCAD seems to have found an extremely good level of resistance. On the H4 chart, it is explicit that the price got rejected at least 5 times at a level and it seems like that it has produced a double top as well. Even though it is Monday and the London session has not even started, but a breakout on the intraday charts has already taken place on the pair. This indicates that the pair might make a stronger bearish move later today. Let us have a look at the H4 USDCAD chart.

This is another trade idea generated by the Elite Swing Trader.

Swing Trading Strategy USDCAD – 22nd April 2019

Swing Trading Strategy USDCAD – 22nd April 2019

As we see that the level of 1.33875 where the price got rejected 5 times so far. The last bearish H4 candle is trying to make a breakout at the level of 1.33645. If it happens, then the breakout should be considered as the neckline breakout of a double top. An H1 consolidation and an engulfing H1 candle right at the 1.33645 would drive the price to go towards the level of 1.32850. Let us have a look at the summary of the trade…

  • Sell Stop order:  1.33575
  • Stop Loss:  1.33876
  • Take Profit: 1.32930

It is a good start of the week considering the last week (full length) of the month. If it goes like this, then CAD pairs are going to be a good pair to keep an eye at and look for the trading opportunities to conclude the current month.

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