USDCAD has been bearish on the H4 chart. In fact, the price produced a huge double top and made a breakout at the neck of the double top by producing a strong H4 bearish candle. The price had a consolidation and then headed towards the South. By looking at the chart, it seems the price has started having correction/consolidation again. There is a level nearby which has the potential to be the level of resistance. If that happens and it ends up producing an H4 bearish engulfing candle, then an H1 breakout at last day’s lower low would drive the price further down. Let us have a look at the H4 USDCAD chart.
This is another trade idea generated by the Elite Swing Trader.
The level of 1.32960 has made the price have a bounce. The level of 1.33235 might become the resistance here and end up producing an H4 bearish engulfing candle. If we get an H4 bearish engulfing candle, then an H1 breakout at the level of 1.32960 would be the signal to take the short entry. Let us have a look at the summary of the trade
- Sell Stop Order: 1.32996
- Stop Loss: 1.33401
- Take Profit: 1.32608
Daily USDCAD suggests that the price is trying to produce a double top on the daily chart as well. However, neckline of the double top is yet to be broken. If that gets broken, then the price of USDCAD might fall down a lot. The level of 1.32500 is going to play an important role in this regard.
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