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USDCAD Price Action Analysis – 13th June 2017

USDCAD after having a long consolidation have come out from the range. The pair has been bearish for the last two days. It all started on the last Friday, when the pair made its first move of the current bearish run. Yesterday, the pair made another huge bearish move and produced a good-looking bearish Daily candle. Thus, at the moment it is the sellers that have taken the control on USDCAD as far as H4 and intra-day charts are concerned. Let us have a look at the H1 chart of USDCAD… See the massive bearish move of the pair. The price came up to 1.32730 without having that much of obstructions. Then, the pair seems to be having some corrections. As it looks, if the pair produces an H1 candle and breaks the level of 1.32730, then selling the pair would get some green pips for the sellers with excellent risk and reward ratio. Let us have a look at the summary of the trade…

• Sell Stop Order: 1.32730
• Stop Loss Level: 1.33300
• Take Profit Target 1.31900
• Validity: 72 hours
• Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable

This is a chart, which can be traded on the 15 M chart as well. The reason behind this is the price so far all the day has been below today’s open line. On an H4 chart if a pair is down trending, and then look at the 15M chart. If all the 15M candles stay below the Daily open line, then a breakout of 15M candle does the trick nicely.

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We hope that you enjoy our Free Forex Trading Signal today: USDCAD Price Action Analysis – 13th June 2017  [thrive_link color='green' link='https://www.forexstrategieswork.com/the-price-action-club/' target='_blank' size='big' align='aligncenter']Join The Price Action Club Here...[/thrive_link]