USD/CAD Trade Setup
Usd/Cad
After breaking above the 8ema on the 8H timeframe and the moving averages crossing over on the 4H, price has now broke and closed above 1.2900 resistance signalling a bullish outlook on this pair.
Target set @ 1.3000 resistance which is also psychological number I believe price will be drawn to and also a 61.8% retracement. Once 1.3000 is met if a reversal occurs this will be the completion of the right shoulder needed to confirm a head and shoulders pattern.
Stoploss @ 1.28900
Risk Reward 1:3.1
After breaking above the 8ema on the 8H timeframe and the moving averages crossing over on the 4H, price has now broke and closed above 1.2900 resistance signalling a bullish outlook on this pair.
Target set @ 1.3000 resistance which is also psychological number I believe price will be drawn to and also a 61.8% retracement. Once 1.3000 is met if a reversal occurs this will be the completion of the right shoulder needed to confirm a head and shoulders pattern.
Stoploss @ 1.28900
Risk Reward 1:3.1
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