The Price Action method signals the development of the bearish sentiment on the USD/CAD currency pair. Near the local offer zone of 1.30350-1.30600, a classic pattern of Pin Bar (H4 timeframe) has been formed, which currently acts as a reversal formation. At the moment, the USD/CAD quotations are consolidating. The trading tool is testing the local support of 1.29250. We recommend you to pay attention to this situation.
If the price fixes below the level of 1.29250, it is necessary to consider sales of USD/CAD. The closest target for fixing profits is the mark of 1.28750-1.28300. In the medium term, the USD/CAD currency pair may reach the support level of 1.27600. Confirmations and entry points to the market should be looked for on lower timeframes. When following the positions, we recommend using a trailing stop.
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.Open Account