#USDCAD: Weakness At Highs, Downside Correction Likely! #Forex
Traders,
Gap up open today on this pair is showing a quick downside move right away from the opening price. Clear weakness at the sideways resistance and investors have acknowledged this. Closing at the lows of the day would provide a great opportunity to seek downside. This is also a signal to take profits if on the long side of this particular trade. It seems logical to assume if price breaks down, first target is sideways support. A break below this could signal a bearish impulse leg, where strong lows could potentially be seen in the future.
I hope you have a tested trading strategy to trade this move when it starts
Thanks for your support
Gap up open today on this pair is showing a quick downside move right away from the opening price. Clear weakness at the sideways resistance and investors have acknowledged this. Closing at the lows of the day would provide a great opportunity to seek downside. This is also a signal to take profits if on the long side of this particular trade. It seems logical to assume if price breaks down, first target is sideways support. A break below this could signal a bearish impulse leg, where strong lows could potentially be seen in the future.
I hope you have a tested trading strategy to trade this move when it starts
Thanks for your support
