USDCAD on Retracement

١٧ يونيو ٢٠١٩

For the current being, i will be strongly sided towards Sell for the Downtrend. However the price is now on bullish and i assume that is retracement period is taking over. Line price of 1.3488 is the last area of resistance that if the price can break this price, i will assume that downtrend is no more valid and sideway will be taking over. I will avoid the trade for this pair initially until it show a clear sign of trending.

My entry was based on the breakout of SnR line, trendline and also spotting the divergence. For the candle formation i will wait for the bearish engulfing. For the SL, i will suggest to put it at the high price of bearish engulfing formation.