USDCAD- Strong Bearish Momentum Happening On The Reversal!
Updated
- I see a good short opportunity for USDCAD at the reversal the descending triangle.
-EMA indicates medium term bearish momentum of the pair.
-38.2% fib level is line with the support of the descending triangle.
-However, price could potentially go back within the descending triangle and indicating it is a false signal.
-I will wait to see how price will react the levels before placing the trade.
-I will look to see if there is another strong bearish candle to confirm the bearish signal and enter.
-EMA indicates medium term bearish momentum of the pair.
-38.2% fib level is line with the support of the descending triangle.
-However, price could potentially go back within the descending triangle and indicating it is a false signal.
-I will wait to see how price will react the levels before placing the trade.
-I will look to see if there is another strong bearish candle to confirm the bearish signal and enter.
Note
Price hit TP and went directly the opposite way
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