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Luisgonzalo

USDCAD at a strong resistance, teacup pattern completed.

U.S. Dollar / Canadian Dollar (FX:USDCAD)  
Luisgonzalo Updated   
FX:USDCAD   U.S. Dollar / Canadian Dollar
Chart Patterns USDCAD Support and Resistance levels levelsandzones
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chartpattern usdcad supportandresistance levels levelsandzones
USDCAD

let's take a look at the USDCAD here, about a month ago it was at the very same level, and after NFP and Bank of Canada interest rates news hit, it came down a lot of pips, not because of the news (I do not follow or trade the news) but because of a bearish structure and facing a strong resistance. Today we have the same resistance holding, teacup pattern formed and completed in the short term, news hitter today BUT big wick showing bullish rejection.

at this point I would like to see a break and retest of this level before looking for a buy setup. otherwise I'm selling it like crazy.

I will post updates with lower timeframes scenarios, so you can keep up with it.

LG
Comment:
Comment:
shorter timeframe above, look at the teacup pattern completed. you should look for the break of that yellow line in order to buy it, otherwise sell the next bearish move.
Comment:
held the resistance, shorts are the high probability setup right now.
Comment:
and there has been at least 2 or 3 entry opportunities for sells...
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