USDCAD has been within a range. The price is at a level of Resistance where it got rejected three times. Without any doubt, this is a huge level of Resistance and it does not seem to get broken as far as today’s price action is concerned. If the level produces a strong H4 Bearish candle and we get a breakout towards the downside, then selling the pair would get us some green pips. Let us have a look at the H4 USDCAD chart.
USDCAD Price Action Analysis – 25th May 2018
See the level of 1.29075 has been a very strong level of Resistance here. I assume it would continue to act as the Resistance and might produce an H4 Bearish candle to make a breakout at the level of 1.28750. If the breakout does take place, then the price would head towards the level of 1.28250 without having that many pauses. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.28750
- Stop Loss: 1.29075
- Take Profit: 1.28250
- 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
This is a trade setup where we are eyeing to catch the move from the very beginning of a trend. No doubt, it is a tough job. However, since we have found here an extremely good level of Resistance, so we have made this chart as one of our targets. It is the last day of this week. USDCAD has a tendency to make a good move on Fridays. Let us wait and see whether it happens today as well.
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