USDCAD Technical Overview And Trade Opportunity
Description: USDCAD is printing a Bullish 5.0 Harmonic Pattern on the H4 Chart. The pattern would be completed at 1.32670. Murrey Math calculations are giving us a strong support level at 1.32445. The main trend is still bullish and we predict a bullish retracement at D.
Warning and Things to Pay Attention:
1. Harmonic Patterns are reversal patterns and mostly against the main trend on the chart they appear.
2. Target levels are determined by MM Calculation as the pattern has not been completed yet. They may vary 3-5 pips according to the completion level of the predicted patterns.
3. Pay attention to Time Frame, Trade Period and Estimated Completion Time, Accuracy and Recommended Lot Size clauses mentioned below.
Trade Reason: Bullish 5.0 Continuation Harmonic Pattern
Time Frame: H4
Trade Period: Intraday / Midterm
Estimated completion time: 2-16 H4 Candle Stick
The trend in the Timeframe: Strongly Bearish
The trend in the Daily Chart: Neutral
The accuracy of the pattern: 81 %
Recommended Lot Size: 0.10 at 10K
Entry:1.32670 – 1.32440
Stop Loss: 1.32100 – Structural Stop for Trend Followers below 1.31800
Target 1: 1.33000 / Reached
Target 2: 1.33300 / Reached
Target 3: 1.33600
Ultimate Target: 1.34200
Update: As seen on the H4 chart, Loonie is testing the descending trendline. We plan to add long if it makes H1 closing above our TP3 1.33600.
TRADING ROOM! TRADE WITH US!
DON’T MISS OUT!! LIMITED TIME OFFER
BASIC PACKAGE MEMBERSHIP 6 MONTHS for $ 219
VERIFIED ACCOUNT AND SETUP RESULTS
Subscribe to our premium packages if you would like to get 1000+ instruments analysis and trade signals of Chartreadreadepro.
You can contact us via Skype User Name: Chartreaderpro
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