USDCAD had a bull ride in the last week on the H4 chart. The price got rejected from a massive level of resistance. By looking at the H4 chart, it seems that the bullish H4 Trend line has been broken and held by the price. These suggest that USDCAD sellers might take the control soon on the H1 and H4 chart. Let us have a look at the H1 chart of USDCAD.
The level of 1.34980 has been working as today’s resistance. The price has already made 3 consecutive bearish candles from the level. If the price continues to go down by making a breakout at 1.34590, then there is a lot of space for the price to head towards the South. This will attract the seller on USDCAD to sell off the pair later today.
USDCAD Free Forex Trading Signals – 24th April 2017
Let us have a look at the summary of the trade
- Buy Stop Order: 1.34590
- Stop Loss Level: 1.34980
- Take Profit Target: 1.35960
If the price makes a breakout by keep going down from where it is now, then it might take some upward corrections after the breakout. This means the price might come back to the breakout level or near to the breakout level again. On the other hand, if the price makes correction before the breakout, then taking the entry on the breakout would be the best option. The price might not have any upward correction then. In both cases, Take profit and stop loss levels remain as they are now.
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: USDCAD Free Forex Trading Signals – 24th April 2017
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