USDCAD BREAKOUT
PAIR: USDCAD
TIMEFRAME: 1D / 4H
ANALYSIS TOOLS: SUPPORT, TREND LINE, ASCENDING WEDGE PATTERN
-Looking at the ascending wedge pattern we can see that price has broken the support trend line by significant momentum and speed
-We have got back to the retest region where price is now retesting old support as new resistance
-We can see bearish momentum come in to play just before last weeks market close
-Will be looking for bearish candlestick patterns as confirmation
ESTIMATED PROFIT: 500 PIPS
POSITION: SHORT
MOST LIKELY ENTER ON MARKET OPEN
TIMEFRAME: 1D / 4H
ANALYSIS TOOLS: SUPPORT, TREND LINE, ASCENDING WEDGE PATTERN
-Looking at the ascending wedge pattern we can see that price has broken the support trend line by significant momentum and speed
-We have got back to the retest region where price is now retesting old support as new resistance
-We can see bearish momentum come in to play just before last weeks market close
-Will be looking for bearish candlestick patterns as confirmation
ESTIMATED PROFIT: 500 PIPS
POSITION: SHORT
MOST LIKELY ENTER ON MARKET OPEN
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