USDCAD has been in a range. The first H4 candle was a Bearish and the next one was Bullish inside bar. However, we have not had any significant breakout yet. Thus, we have to wait for a breakout. There is a possibility that the price might produce a Double Top and make a breakout towards the upside. If that happens, then we might get an opportunity to buy the pair and grab some green pips. Let us have a look at the H1 USDCAD chart.
USDCAD Price Action Analysis – 19th Feb 2018
Have a look at the H1 chart here. The pair made some huge Bearish move and then it started going up. After finding a resistance at the level of 1.25640 it had a little pull back. The level of 1.25260 has come into play and made the price have a rejection already. It does not seem that the price would make a breakout on this ride. It would be a fragile breakout anyway. If the price comes back to the support level, and produces a Double Top and then makes a breakout at 1.25640, then buying the pair would get us some green pips with an excellent risk and reward ratio. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.25640
- Stop Loss: 1.25260
- Take Profit: 1.26265
- 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
Although it is Monday, the market has been very active today. Some other pairs have been having a good amount of liquidity. Let us keep our close eyes on the market today. It would be a good day as far as taking entries are concerned.
The post USDCAD Price Action Analysis – 19th Feb 2018 appeared first on Advanced Forex Strategies.
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