USDCAD Price Action Analysis – 3rd July 2017

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USDCAD Price Action Analysis – 3rd July 2017

USDCAD has been bearish on the H4 and the Daily chart. The price breached a significant level of support at 1.30000 as well on its bearish journey. Thus, we are going to wait for a breakout towards the South to take a short entry. Let us find out those levels that we need to keep our eyes on.

As we see on the H4 chart, the price has been bearish and kept making lower lows. It came down up to the level of 1.29430 and then started having correction. The level of 1.29950 has been acting as a level of resistance so far. If the price produces an H4 Engulfing candle from that zone, then sellers would have to wait for a breakout at 1.29430 to take a short entry. An H4 breakout would be excellent. If we do not get an H4 breakout, then an H1 breakout after an H4 reversal candle would be good enough to take a short entry as well. Let us have a look at the summary of the trade…

• Sell Stop Order: 1.29430
• Stop Loss Level: above 1.30100
• Take Profit Target: 1.28600
• 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

The price has been reacting at 1.29950 so far, but there is a huge demand that the price could go up to 1.30000. Then, it might produce the H4 reversal candle. That is why the level is marked as Resistance zone on the chart. All we are going is to wait for an H4 reversal candle on that zone, then a breakout to take the entry.

We hope that you enjoy our Free Forex Trading Signal today: USDCAD Price Action Analysis – 3rd July 2017

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