USDCAD - Almost reached targets - Preparing for reversal
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USDCAD is really becoming my favorite pair !
When you look at my previous idea for this pair in which I predicted the drop to the 1.34 area, you can see that 75% of the drop has already been reached and in my opinion there is not much that can keep it from dropping further to the predicted level.
Around 1.34 we have a previous resistance level which should now (at least temporarily) become support and we should see a bounce. The stop loss is defined by the bottom of the price action defining that resistance level.
I have defined 2 target areas for the upward move :
TP1 is the current price level where there is a (small) shelf, if we bounce this should be easily reached. This target presents us with a 1:1 risk reward ratio and a potential profit of around 110 pips.
TP2 is a previous support level on this time frame around the 1.3650 area, this is almost a 2.3:1 RR ratio a potential pip profit of around 250.
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When you look at my previous idea for this pair in which I predicted the drop to the 1.34 area, you can see that 75% of the drop has already been reached and in my opinion there is not much that can keep it from dropping further to the predicted level.
Around 1.34 we have a previous resistance level which should now (at least temporarily) become support and we should see a bounce. The stop loss is defined by the bottom of the price action defining that resistance level.
I have defined 2 target areas for the upward move :
TP1 is the current price level where there is a (small) shelf, if we bounce this should be easily reached. This target presents us with a 1:1 risk reward ratio and a potential profit of around 110 pips.
TP2 is a previous support level on this time frame around the 1.3650 area, this is almost a 2.3:1 RR ratio a potential pip profit of around 250.
Agree with this idea ? Thanks for giving me the thumbs up by clicking the like button.
Have another view, have questions, comments ? Feel free to share it below !
More ideas like this ? Click the follow button to keep updated when I publish new ideas or update already published ones.
Thanks for your visit !
Note
Targets of the previous trade down were reached, time to look for a good entry and confirmation to go back up.Note
This was the previous trade : 
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Twitter: twitter.com/NicoMuselle
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