EURCAD - Bearish Reversal - 20/05/2024
USDCAD has been trading in a strong Bullish Trend. No divergence Divergence has been observed on the 1 hour RSI.
The price action currently seems to be printing new lows - a potential reversal into a strong Bearish Trend.
If the price action breaks out the 1.47493 level, the price could continue in a downward towards the 1.46225 level.
Trade Plan: Short
Entry: 1.47493
SL: 1.48127
TP1: 1.46859
TP2: 1.46225
The price action currently seems to be printing new lows - a potential reversal into a strong Bearish Trend.
If the price action breaks out the 1.47493 level, the price could continue in a downward towards the 1.46225 level.
Trade Plan: Short
Entry: 1.47493
SL: 1.48127
TP1: 1.46859
TP2: 1.46225
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