FOLLOW UP STRUCTURE | USDCAD

This a followup insight to our last trade on this pair where we enjoyed a 82pips run (see link below for reference purposes).

Tendency: Temporary Uptrend ( Bullish )
Structure: "W" Pattern forming | Double Bottom
Observation: i. Price begins a downtrend (XA leg), stops, and then reverses impulse trend at support zone @ 1.30500 zone.
ii. Reversal to the upside is short-term as price retraces at the neckline zone @ 1.33000/1.33500 only to stop again at support zone @ 1.30500 zone and reverses upwards.
iii. Formation of a second bottom confirms the Double Bottom pattern tendencies.
iv. Potential reversal strong as price action tends to break Moving Averages.
Trading plan: BUY now or at breakout of neckline zone with TP1 and TP2 @ 210pips and SL @1.31500/1.30500zone.
Risk/Reward: 1/2
Potential Duration: 12 to 20 days

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

Watch this space for updates on lower time frames as price action is been monitored.



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