This pair USDCAD, has fufilled its aim (Taking stop-loss) up to 124.20 area.
The price action last week is still valid! and we are presented with with a great opportunity to short from a very good overbought level.
124.10 is the level that was fufilled with this move. so to cut the long story short we are expecting the price to break 123.81 and 123.53 for us to see further decline.
NOTE: This looks like a medium term position that can last for weeks.
On the flipside, a trade above 124.45 will invalidate this setup.
STOP: 124.45
T1: 121.20
T2: 119.20
The price action last week is still valid! and we are presented with with a great opportunity to short from a very good overbought level.
124.10 is the level that was fufilled with this move. so to cut the long story short we are expecting the price to break 123.81 and 123.53 for us to see further decline.
NOTE: This looks like a medium term position that can last for weeks.
On the flipside, a trade above 124.45 will invalidate this setup.
STOP: 124.45
T1: 121.20
T2: 119.20