Outside Bar at USD/CAD

Outside Bar at USD/CAD

On Monday, October 15, the USD/CAD currency pair kept the key offer zone of 1.30400-1.30650, which caused aggressive sales. The trading instrument updated local lows. The Price Action method signals further correction of the USD/CAD currency pair. At the moment, the classic pattern of Outside Bar (H1 timeframe) has been formed, which is a reversal formation. The USD/CAD quotes are consolidating in the range of 1.29800-1.30000. We recommend paying attention to this situation.

If the price fixes below the level of 1.29800, you need to look for entry points to the market to open short positions. The immediate goal for profit taking is the mark of 1.29500-1.29300. The target movement level is 1.29000-1.28850. When tracking positions, we recommend using a trailing stop.

by JustForex, 2018.10.16

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.

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