USDCAD, 1hr tf, HnS pattern in play
This should be a very clear HnS pattern for you all to see. Also it looks like USD pretty much exhausted so we could see a retracement for major pairs first.
If you draw fibonacci retracement, you will notice price holding at 61.8 fibonacci right now.
In terms of Elliott wave, this is right now wave-(b). We could expect wave-(c) to continue going down from here.
Sell USDCAD 1.2515
Stop loss 1.2600
Take profit 1.2300 (2.5R)
Use only 1-2% risk
Good luck
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.