Finally found her SUPPORT? Intraday LONG Opportunity Identified

USDCAD has been ranging for past few days and it finally makes her support at 1.31340

However my bias still remain BEARISH for this pair.

I expect the price makes a temporary pullback since it crosses with trendline drawn from 2015.

With divergence identified at H8 TF, I expect it will break the trendline after forming the double bottom in the triangle.

This is a short term idea.

All the best.

Trade active:

RE-ENTRY at Tripple BOTTOM. Price moves in the triangle before breakout.

uk.tradingview.com/chart/cnX1apKC/

Trade closed: stop reached:

My take-home message;

Big players create the double bottom to disillusion retail traders by building up liquidity beneath the two bottoms and when the time has come, they knocked them all.

How to overcome this;
1. Risk management is always important
2. Follow rule no.1
3. Try to look for pair that negatively correlates USDCAD and in this case; all Yen based pairs have been predicted for that where there is significant jump; ie NZDJPY who is approaching her monthly high.
3. Always have both biases when making a judgement; weigh based on currency strength analysis.

So yes, lesson learnt.

Comment:

USDCAD is testing a new base and the bearish momentum resumes.