Descending Channel on USD/CAD

Descending channel on USD/CAD

On the USD/CAD currency pair a pronounced descending channel (M30 timeframe) was formed. In the near future, sales may prevail. At the moment, the currency is trading near the local support 1.34400. We recommend you to pay attention to this situation.

If the price consolidates below 1.34400, you need to look for entry points to the market in order to open short positions. The immediate goal for profit taking is a round level of 1.34000. When tracking the position, it is better to use a trailing stop.

by JustForex, 2017.06.06

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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.