Triple Top on USD/CAD

Triple Top on USD/CAD

The current technical pattern signals a possible correction of the USD/CAD currency pair after a significant increase since the beginning of the current month. Near the key supply zone of 1.33100-1.33350, the classic reversal pattern of Triple Top (H1 timeframe) has been formed. At the moment, the USD/CAD quotes are testing the local support level of 1.32250. We recommend paying attention to this situation.

If the price fixes below 1.32250, you need to look for entry points to the market to open short positions. The immediate goal for profit taking is the “mirror” support level of 1.31600 (61.8% correction zone). The movement is tending to 1.31250-1.31000. When following a position, we recommend using a trailing stop.

by JustForex 2019.02.18

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
Full Guide to Forex Trading in South Africa
Forex trading is a popular form of short-time investment and a source of additional or main income for many people all over the world. Forex trading is available in South Africa, but many potential traders just do not know how to make the first steps in this field. This full beginner’s guide explains the base of Forex and its key terms.
Read more
How to Learn Forex Trading for Beginners in 2022
We want to present a guide for beginner Forex traders that will give the main ideas on how to start Forex trading in the most effective way and how to earn on purchasing and selling currencies. Professional traders have designed the Forex trader tutorial whose extensive experience helped optimize its structure and content. It offers all the necessary information to start your trading journey in 2022.
Read more
Social Trading vs. Copy Trading
The Forex market is full of complex terms and definitions that look like a total mess for a novice. There is no surprise that some traders do not see the difference between copy trading and social trading. This article explains the difference, discusses pros and contras, and the best platforms for these types of trading.
Read more