USDCAD Triangle Breakout and Short Opportunity
USDCAD broke down the zig zag trendline and the Eliot triangle. Bearish continuation is predicted. Breakout of 1.31800 will accelerate the bearish move.
Our Trade Setup:
Time Frame: H4
Trade Period: Intraday / Midterm
Estimated completion time: 2- 18 H4 CANDLESTICK
The trend in the Timeframe: Bearish
The trend in the Daily Chart: Neutral
Trade Based On Triangle Breakout
The accuracy of the pattern: 93 %
Recommended Lot Size: 0.10 at 10K
Aggressive Entry: 1.32300
Conservative Entry: 1.32600 ( Retest of the broken line )
Stop Loss: Above 1.32600
Target 1: 1.32000 / Reached
Target 2: 1.31800 / Reached
Target 3: 1.31500
Target 4: 1.31200 ( Bullish Cypher would be completed and we will try long at D)
Trade is active:
Update: TP2 Reached. We book profits and move SL to entry.
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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money
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