Could we be seeing a new trend emerging on USDCAD? I will be monitoring how the price reacts at this key structure level and see if we get a good confirmation for a sell position.
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USDCAD is weakening having hit WR1 resistance 18 bars ago (18 hours). The BULLS have tried mightily to push the price higher but a series of doji indecision candles is confirming or perhaps suggesting the BEARS are about to take control.
The price is nicely held under the 5m 200ema and the charts look ever BEARISH.
Jump on board and ride this train down to 1.4000...
I missed the original entry on this one, however if we get a pullback, I will be looking for another short trade on this pair.
Weve had a nice clean break of the 50MA and several rejections of the descending trendline and the resistance zone.
Daily is showing a clear downtrend with new lower highs forming.
All the details about the active trades we have for the London session are in this video.. I watchlist for the day is much bigger but we cannot share it all as it is time consuing and our time is dedicated to our trading community and coaching program!
Enjoy the video!
More to come later! Busy day ahead!
Trend channel identified. Use the below points to identify profit points. When near profit points, you'll have to watch closely as price can bounce back up to the trend channel line as it is a "support line" in this scenario. My paid signal group will know when to close trades.
Swing high and lows identified