OANDA:USDCAD   U.S. Dollar / Canadian Dollar
USD/CAD had entered a parallel channel since the end of July and has been keeping within till the breakout 2 days ago to the upside and rejected the resistance level of 1.3125. We can see price action has come down to retest the channel and is struggling to re-enter and has rejected it by forming a doji and a spinning top on the H4, implying uncertainty and a potential reversal to the upside yet again. This suggests to me that this pair will bounce back from this current region and re-test the resistance level in the coming days, giving this setup a target of 100 pips and keeping the stop loss at 50 pips giving a decent risk/reward.
Superb spot there Shivam :)
Shivam_93 TradingHarmony
@TradingHarmony, Thanks! Target hit, nice 100 pips there
Good call I thought the same & made pips so thanks excellent stuff
Shivam_93 adrianeds
@adrianeds, Thanks buddy, precision!
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