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.
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
The Area Of The Entry: 1.31420
Stop Loss: 1.32200
Target 1: 1.30500 / Reached
Target 2: 1.30000
Target 3: 1.29600
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
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