USDCAD: Price Action & Trading Plan

11 ביולי 2020

USDCAD is forming an inverted expanding triangle on 4H.
the price respects a horizontal 1.361 4H structure support with equal highs, setting new lower lows after each test.

yesterday the above-mentioned structure was reached again.
the price has formed a bearish engulfing candle and was rejected.

on 1H the price has formed a double top formation with a lower high,
respecting a 1.3575 minor horizontal support.

to trade with confirmation, I would wait for a bearish violation of a minor horizontal support (1H candle close below),
then I would sell on a retest.

target levels:
1.354
1.351

safest stop will be above 1.361 or a new lower high in case of its formation.

good luck