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USDCAD Head And Shoulders Pattern And Short Setup Update: TP1 Reached

USDCAD Head And Shoulders Pattern And Short Setup

Rising Oil prices help CAD.

Description of the pattern: Loonie completed the head and shoulders pattern. Retested the broken support.

Trade: Short

Time Frame: H4

Trade Period: Midterm

Estimated completion time: 4-16 Daily Candle Sticks

The trend in the Timeframe: Bearish

The trend in the Daily Chart: Bearish

Trade Based On Head And Shoulders Pattern

The accuracy of the pattern: 96

Recommended Lot Size: 0.10 at 10K

Trade: Short

The Area Of The Entry:  1.31420

Stop Loss: 1.32200

Target 1: 1.30500 / Reached

Target 2: 1.30000

Target 3: 1.29600

Ultimate Target:

You can view the trade: USDCAD Head And Shoulders

Update: As seen on the below H4 chart,  bullish Butterfly pattern completed. We may see a retracement towards 1.31200 and 1.31500. We will add short at 1.31250 – 1.31500.

We keep our targets same as they are mentioned on the original setup: 1.30500 , 1.3000 and 1.29600. 

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

USDCAD: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

 
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