USDCAD - Strong Trend Continuation - Trendline Bounce & Break
Hi Traders!
The market is in a Downtrend.
As always, let's look at the Daily Timeframe first:
So, we can see the market is strongly respecting the Daily Trendline.
We can identify the Trending Moves and the Consolidation Stages.
Pay attention to that the market is now near the Trendline again.
Now we switch to the main (H4) Timeframe.
The market is falling down after the consolidation.
It has fallen until the next Support and bounced off fastly.
Now it is in a Retracement move of the overall Trend.
It is here in a potential Channel (still need an upper touch to finally confirm it).
The Trading Idea is: Sell the bearish Breakout of the Channel / lower Trendline!
Here are some additional confirmations:
We recommend to trade the Breakout with a confirmation.
Thanks and successful Trading :)!
The market is in a Downtrend.
As always, let's look at the Daily Timeframe first:
So, we can see the market is strongly respecting the Daily Trendline.
We can identify the Trending Moves and the Consolidation Stages.
Pay attention to that the market is now near the Trendline again.
Now we switch to the main (H4) Timeframe.
The market is falling down after the consolidation.
It has fallen until the next Support and bounced off fastly.
Now it is in a Retracement move of the overall Trend.
It is here in a potential Channel (still need an upper touch to finally confirm it).
The Trading Idea is: Sell the bearish Breakout of the Channel / lower Trendline!
Here are some additional confirmations:
- Market in an overall Downtrend
- Market at Daily Trendline
- 200 Exponential Moving Average showing bearish Power
We recommend to trade the Breakout with a confirmation.
Thanks and successful Trading :)!
Note
For those of you who are looking for this, here is the RED BOX ;)
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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.
Related publications
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.