USDCAD bearish trend continuation opportunity
Mkt making lower lows & lower highs forming a downtrend.
Currently the market is in a recovery rally and testing the
previous swing high of the downtrend. This sets up a bearish
trade opportunity at great location offering traders around a
3:1 reward to risk.
Although the invalidation point for the downtrend is technically
the 1.3215 resistance zone it makes sense to place stops above
the 1.3295 swing point just above as there is still plenty of reward
potential in the trade.
Aggressive traders may enter on a limit at or near the resistance
zone, conservative traders may wait for an entry signal within
the resistance zone before entry.
Currently the market is in a recovery rally and testing the
previous swing high of the downtrend. This sets up a bearish
trade opportunity at great location offering traders around a
3:1 reward to risk.
Although the invalidation point for the downtrend is technically
the 1.3215 resistance zone it makes sense to place stops above
the 1.3295 swing point just above as there is still plenty of reward
potential in the trade.
Aggressive traders may enter on a limit at or near the resistance
zone, conservative traders may wait for an entry signal within
the resistance zone before entry.
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