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.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
Stop and Limit Orders in Forex
There are many gainful opportunities for traders in the forex market, but no one is immune to losses. That’s the reason why traders should employ an efficient trading strategy where both stop and limit orders go hand in hand with other essential aspects of the strategy.
Read more
Top 10 Successful Forex Traders in Indonesia
Due to the growing popularity of forex trading, it’s impossible to stay on the sidelines. What does it take to become one of those confident traders? Is forex trading for you? Find out more about the nature of this industry and have a look at the list of top Indonesian forex traders in 2021.
Read more
Guide to Forex Trading in Indonesia
What is forex trading? It’s freedom – due to the round-the-clock market operation in different parts of the world, hundreds of thousands of traders choose what’s best for them: time frame, asset, strategy, objectives, amount of a deposit, etc. There might be a lot of questions in the beginning of your trading journey, and this article aims to emphasize the essential aspects of this profession.
Read more