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USDCAD Price Action Analysis – 1st Sept 2017
USDCAD produced some solid H4 Bearish candles. The price might have found a Support, but the pair looks good to make another bearish ride if it retraces from a good level of Resistance. Let us have a look at the H4-USDCAD chart….
Have a look at those Bearish candles. The price seems to have started its retracement from the level of 1.24500. If the price goes up to 1.25300 and if the level produces an Engulfing Bearish Candle, then selling the pair would get us some green pips. Let us have a look at the summary of the trade…
- Sell Limit Order: 1.25300
- Stop Loss Level: 1.26000
- Take Profit Target: 1.24000
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
Today the USD is going to have one of the biggest news events for a month. Thus, the pair might get into its extreme volatility. Ideally, this setup would need about 6/7 candles to get at the Resistance level and to produce the trading signal. However, it might be different today since “Unemployment Rate” to be declared at 12.30 GMT. Thus, it might not take as long as it would usually take. The worst thing would be if the level is not held because of the extreme volatility. Then, this setup would be a void setup. Whether the level is held or not held, we have to make sure one thing that we wait for the trade signal after the news event hour. This means H4 candle, which ends at 13.00 GMT that should be the signal candle.
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