THE USD UNDER THE CIPHER LENS AGAIN!? | USDCAD

We recently closed with 162 pips profit in our last speculation on this pair (see link below for reference purposes). As price action keeps suggesting a further rally down, we might be caught up in a correction move in anticipation of trend continuation. See plan below;

Tendency: Temporary Uptrend ( Bullish )
Structure: Harmonic | CYPHER
Observation: i. Point B retracement of the primary XA leg lies at an approximate of 0.50.
ii. Point C falls within the 1.272/1.414 projection of the primary XA leg.
iii. Price accelerates downwards towards point D.
iv. 0.786 retracement of XC @ 1.31600 zone confirms completion of the harmonic pattern .
Trading plan: BUY with TP1 and TP2 @ 86pips and SL @ 1.31000/1.30500zone.
Risk/Reward: 1/2
Potential Duration: 2 to 6 days

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.

Watch this space for updates as price action is been monitored.


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