On the daily timeframe, the market is making a correction which I believe is completed, there is a break in trendline accompanied with a pullback which seems to be holding, from the current price, I am expecting a drop to the downside. If EURCAD can make a move below the previous low, then there might be a continues fall down to my TP level and even beyond.
Trade active:
Use proper risk management as this will take a while to play out, couple of days, even weeks.
Comment:
EURCAD has undergone a significant retracement, which I interpret as a preparatory phase for an impending downward movement. The validity of this setup remains intact as long as the price remains below the previous high. Any breach above the aforementioned previous high would negate the current setup.
Trade closed: stop reached