USDCAD has been Bearish on the H4 chart. The price has kept making lower lows. The pair had a Bearish day yesterday as well. The price has been having a correction at the moment. What most important thing is the price is right at the level of strong Resistance. If that level is held and produces a Bearish Engulfing H4 candle and we get an H1 breakout at yesterday’s lower low, then selling the pair would get us some green pips. Let us have a look at the H4 USDCAD chart.
USDCAD Price Action Analysis – 1st August 2018
Have a look at the corrective candles. The level of 1.30245 seems to be the level of Resistance here. If this level produces an H4 Bearish Engulfing Candle and we get an H1 breakout at the level of 1.29815 afterwards, then the price would head towards the level of 1.29100 without having that many pauses. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.29815
- Stop Loss: 1.30245
- Take Profit: 1.29100
- 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 the first day of August. This means we are in the last quarter of the year 2018. In the coming three months (December would be a quiet month); the Forex market will be very active with a good amount of liquidity. Let us be ready to be devoted to our trading station more. Yes, we must not forget the trading rules such as Money management, Discipline, Emotion control to finish the year with a good amount of profit.
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