Trend reversal or powerful correction for the USDCAD pair

  • Jun 14 2021
  • by
  • Analyst AZA
Trend reversal or powerful correction for the USDCAD pair

Trend reversal or powerful correction for the USDCAD pair

The USDCAD currency pair has been in a downtrend for several days. But after the opening of a new trading session, the market situation began to change slightly. The price crossed the 200 moving average on the 4 hours chart and drew a fractal that we will use as a position entry point. Perhaps the price just hit the upper border of the channel and will fall again, but then we will simply cancel our pending order and wait for new trading opportunities. But if the price moves up beyond this fractal shortly, then it would be reasonable to open a long position with a target of 60 pips. At the level where our Take Profit is set, the price is likely to receive strong resistance, and it would be reasonable to fix the profit at this level.

Symbol: USDCAD
Order Type: Pending Order - Buy Stop
Entry Price: 1.2180
Take Profit: 1.2240
Pips Earning: 60

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The profit can be $472.44 if the trading volume of 100000 USD (1 Lot).

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