forexTrdr USDCAD - TRIPLE TOPS IN TIME TO RETRACE
Good afternoon traders,
Looking at an interesting setup in US dollar versus Canadian dollar with a triple top forming around 1.34 with a third attempt to trade above that level failing and pointing to a pull back lower for the pair. More recently we just had slightly weaker than expected Manufacturing data from Canada which failed to give any real boost to US dollar suggesting we may have ran out of steam at this resistance level.
That view is confirmed when we take a look at various other technical indicators including volumes, bollinger bands, rsi and, as per our trading view chart for this pair- the stochastic data also turning over and pointing to the pair heading lower.
As always this is not a trade recommendation and simply technical observation.
Good luck trading
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
Looking at an interesting setup in US dollar versus Canadian dollar with a triple top forming around 1.34 with a third attempt to trade above that level failing and pointing to a pull back lower for the pair. More recently we just had slightly weaker than expected Manufacturing data from Canada which failed to give any real boost to US dollar suggesting we may have ran out of steam at this resistance level.
That view is confirmed when we take a look at various other technical indicators including volumes, bollinger bands, rsi and, as per our trading view chart for this pair- the stochastic data also turning over and pointing to the pair heading lower.
As always this is not a trade recommendation and simply technical observation.
Good luck trading
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
Trade active:
Take profit 1 and 2 hit. Running with profits locked in
Trade closed: target reached
