Hi Traders! We have USDCAD bearish opportunity forming at the moment. In the below video you will find a detailed explanation of this sell setup:
USDCAD D1 Chart:
On the daily chart we have multiple channels that has formed and the price is respecting these channels so far. Currently the price is trading in a critical area where two of the channels coincides. We may now look for evidences of bearish pressure on lower timeframes in order to join the bears.Advertisement
USDCAD H4 Chart:
On the H4 chart we already have two false breaks that has formed this means that the price is simply rejecting the breakout of the channel. We also have bearish divergence that has formed which we may consider as an evidences of bearish pressure. The price has created lower highs but we didn’t get lower lows yet. Wait for the price to move lower and break below the low shown in the screenshot (marked in green line). We may then look for pullbacks and sells with bearish evidences.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
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