HI Folks There is a good setup on USDCAD first showing a strong pattern indicating this is a retracement in a bearish trend.
As you might know USDCAD correlates expetionally well on the montly gold has been very straight bullish since January however It'll be better for Gold to find support either around 1.26000 or much further depending on your trading style and money/risk you can leave positions running for longer and maybe look at the longer term monthly
I like this setup It's a high probabilty and with few risk since if the upper trendline is broken the pattern would be invalid.
However keep an eye on the economic events coming soon be prepared if the numbers are significant against us :)
See you for the next trade !
A.Erikanov
As you might know USDCAD correlates expetionally well on the montly gold has been very straight bullish since January however It'll be better for Gold to find support either around 1.26000 or much further depending on your trading style and money/risk you can leave positions running for longer and maybe look at the longer term monthly
I like this setup It's a high probabilty and with few risk since if the upper trendline is broken the pattern would be invalid.
However keep an eye on the economic events coming soon be prepared if the numbers are significant against us :)
See you for the next trade !
A.Erikanov