USDCAD - Short Opportunity
The price broke the uptrend line and dropped below the cloud. It confirmed the uptrend reversal and from that moment the market became bearish. After a short term upward movement, the price bounced from a new resistance zone formed by the trend line and Senkou B. It was the 1st signal for opening short trades. Now we have 2 lows which can be used for drawing a new uptrend line. It will act as a signal line and if the price breaks it, we will get a new sell signal.
Stop orders should be placed above the previous swing high at 1.33500 level. Profit targets can be placed at the support levels.
Stop orders should be placed above the previous swing high at 1.33500 level. Profit targets can be placed at the support levels.
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