USDCAD Bearish Opportunity Update And Follow Up

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USDCAD Bearish Opportunity Update And Follow Up

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Hi Traders! We have USDCAD bearish opportunity update and follow up. In the previous post here I mentioned “On the H1 chart the price is moving inside a bearish channel, this channel is formed by the highs and lows reaching parallel resistance and support zones. The price is respecting these two zones so far and is currently near the middle of this channel. If the price move higher, breaks above the top of this channel and reaches the possible sell zone shown in the screenshot, we may then start looking for sells with bearish evidences”. Lets see how this setup has developed now.

USDCAD H1 Chart:

The price moved exactly as per our plan, it broke above the channel and reached the sell zone. The price then created double top and delivered the push lower as we expected, we have collected nice profits so far.

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Regards,

Yordan Kuzmanov
Chief Trader at Traders Academy Club

 

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Wilson

Thanks for the followup

Henry
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Henry

Thank you Yordan, noted all the updates