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USDCAD Price Action Analysis – 18th Aug 2017

USDCAD broke an H4 up trending line and since then the pair has been bearish on the H4 chart. The price has been having a correction. As it seems there is a level, which has the potential to be a strong level of resistance. If it really does and produces a bearish H4 reversal candle, then selling the pair would get us some green pips.

Have a look at the massive H4 breakout candle and the correction. The price is going towards the upside again. If this H4 candle drives the pair to go to the level of 1.27000, then we would have to wait for an H4 bearish Engulfing candle right from that level. Here is a thing to remember that the Engulfing candle has to breach through today’s lower low as well to take the short entry. Let us have a look at the summary of the trade…

Sell Stop Order: 1.27000
Stop Loss Level: 1.27800

Take Profit Target: 1.25800
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

There is a high impact news event at 12.30 GMT for the CAD. Thus, it would be best if the H4 candle (one that finishes at 13.00 GMT) comes out as the H4 bearish Engulfing candle. That is when the pair will have enough liquidity to come down as per our expectation. The target is a big one and it is Friday, thus we might have to wait until next Monday to reach at our final target. If you are not comfortable with a running trade during the weekend, then might as well come out with your profit today.

You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.

We hope that you enjoy our Free Forex Trading Signal today: GBPAUD Price Action Analysis – 17th Aug 2017

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