Legend for price level, trend line, and rectangle: Dark Gray > Weekly Level Blue > Daily Level Red > H4 / H1 Level Green > M15 / M5 Level Yellow > M1 Level
D1 and H4 are both showing the overall trend is still down with price holding below MA200. However, in D1, price seems hold and currently rejected up from major D1 support area 1.31883-1.32497. In H1, currently price is forming a Rising Price Channel slightly above major D1 support area. Before news event of Canadian Core Retail Sales announced, price successfully break out 3 resistance levels (major down trendline, MA200, and resistance area 1.32806-1.32979). Since the news have Bullish bias for Canadian, USD/CAD is going down.
Trade Plan: If price pull back to the lowerline of price channel and rejected up, can consider to long the market to swing the consolidation range. With Stop Loss 45 pips and Target Profit 115 pips, the potential trade offers 2.56 Reward-To-Risk Ratio. Keep in alert if the downtrend continuation is going massive since the major trend is still down.
Trade ist aktiv
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Open partial position and see for further movement.