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USDCAD Triangle Breakout and Short Opportunity Update TP2 Reached

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:

Trade: Short

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.

USDCAD Forex Trading Sİgnal Update

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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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