USD/CAD Sell - 15 mins
Trading Idea: USD/CAD Sell Setup
Trade Overview:
Entry Zone: Near 1.42500
Take Profit (TP): 1.42100 (Key Support Zone)
Stop Loss (SL): 1.42738 (Above Resistance)
Risk-to-Reward Ratio: ~2.5:1
Technical Analysis:
Head and Shoulders Pattern:
The chart highlights a clear Head and Shoulders reversal pattern, with the right shoulder forming near the 1.42500 resistance zone.
This is a strong bearish signal, indicating a potential shift in momentum to the downside.
Rising Wedge Breakout:
Price is showing signs of breaking down from a Rising Wedge, a bearish continuation pattern.
Bearish candlesticks indicate selling pressure building near the resistance.
Key Resistance Zone:
The 1.42500–1.42700 area has acted as a strong ceiling for price, resulting in multiple rejections.
Sellers have shown dominance at this level, reinforcing the bearish bias.
Target Support:
The TP at 1.42100 aligns with a prior support level and demand zone, making it a logical target for the move.
Trade Overview:
Entry Zone: Near 1.42500
Take Profit (TP): 1.42100 (Key Support Zone)
Stop Loss (SL): 1.42738 (Above Resistance)
Risk-to-Reward Ratio: ~2.5:1
Technical Analysis:
Head and Shoulders Pattern:
The chart highlights a clear Head and Shoulders reversal pattern, with the right shoulder forming near the 1.42500 resistance zone.
This is a strong bearish signal, indicating a potential shift in momentum to the downside.
Rising Wedge Breakout:
Price is showing signs of breaking down from a Rising Wedge, a bearish continuation pattern.
Bearish candlesticks indicate selling pressure building near the resistance.
Key Resistance Zone:
The 1.42500–1.42700 area has acted as a strong ceiling for price, resulting in multiple rejections.
Sellers have shown dominance at this level, reinforcing the bearish bias.
Target Support:
The TP at 1.42100 aligns with a prior support level and demand zone, making it a logical target for the move.
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