USDCAD Trade Idea Harmonic Cypher

12 Feb 2021

USDCAD is on a beautiful downtrend making textbook lower highs and lower lows . We now see some bullish movement as a correction of the previous bearish waves . Price action is forming a bearish harmonic cypher pattern which sets up nicely with the down trend we have with entry being lower then the previous high at point x anywhere in that golden zone . Price may hit and fall once it fills in the price imbalance created by the engulfing candle . Stop loss would be placed above point X . First Take Profit target should be a 50 percent fib retracement of point C to D ( half way between C and D which is the structure level under point B ) .