Price tests the support zone and looks like it's going to form a pin bar. If price does remain above support, it would confirm my prediction that price will form a H&S pattern.
On the 1H chart, we can see the H&S more clearly the previous test showed a bullish engulfing candle and on the current test of support we see another candlestick pattern on the...
previously that purple box was our support line, this pair broke the support line and now purple box area is our resistant line, week ahead we may see more down trend. Trade with correct risk management... our goal is to become profitable trader. Do all the possible analysis before you place any trade and its about finding the best entry point. Good luck traders !!
USDCAD had a bullish engulfing candle on daily chart followed by rejection at key level at 1.32230 on 4 hourly chart suggesting likely short set short up.
Suggested set up:
Entry @ 1.32230
Stop loss @ 1.32723
TP1 @ 1.31475
TP2 @ 1.30810
TP3 @ 1.30016
TP4 @ 1.29290