How to trade the next Bearish Move on USD/CAD
Good Morning traders! Today we bring you our analysis of USD/CAD, as it is a pair in which we see a clear breakout in the bearish direction, and it may be a trading opportunity to take.
🔸As always, we will base our analysis on multiple timeframes in order to have a clearer vision of the market.
🔸In the daily chart, we see that the price is in a marked downtrend, and it found a bottom on March 18 in the 1.24000 area, and in that price range it kept consolidating for a little more than a month.
🔸We recently saw a breakout to the downside of this price zone with interesting strength, which is a bearish sign to watch out for.
🔸As the move is quite advanced, it does not offer any good trading opportunities worth taking.
🔸For this, what we plan is a corrective move that makes a pullback towards the broken zone.
🔸Ideally, we would like to see a flag-type corrective pattern, for example, that offers us a good risk-benefit ratio for our trade, since it is always important that we always earn more than we are risking.
🔸The take profit zone is the next support zone.
🔸As always, we will base our analysis on multiple timeframes in order to have a clearer vision of the market.
🔸In the daily chart, we see that the price is in a marked downtrend, and it found a bottom on March 18 in the 1.24000 area, and in that price range it kept consolidating for a little more than a month.
🔸We recently saw a breakout to the downside of this price zone with interesting strength, which is a bearish sign to watch out for.
🔸As the move is quite advanced, it does not offer any good trading opportunities worth taking.
🔸For this, what we plan is a corrective move that makes a pullback towards the broken zone.
🔸Ideally, we would like to see a flag-type corrective pattern, for example, that offers us a good risk-benefit ratio for our trade, since it is always important that we always earn more than we are risking.
🔸The take profit zone is the next support zone.
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