The Price Action method indicates a possible correction of the USD/CAD currency pair after a rather protracted rally over the last month. Near the key offer zone of 1.28500-1.29400, a classic pattern of Pin Bar (D1 timeframe) has been formed, which currently acts as a reversal formation. The level of 1.28100 is the local support. We recommend you to pay attention to this situation.
If the price fixes below 1.28100, it is necessary to consider sales of USD/CAD. The immediate goal of profit-taking is 1.27350-1.27000. In the medium term, USD/CAD may reach a round level of 1.26000. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking positions, it is better to use a trailing stop.
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