Today I want to give you a review for USDCAD pair. This pair has been declining for the past days, resuming the downtrend movement. I want to sell this pair because I know the price is touching the trend line now.

Hello traders!

Today I want to give you a review for USDCAD pair. Are you ready?

This pair has been declining for the past days, resuming the downtrend movement. I want to sell this pair because I know the price is touching the trend line now and it’s a perfect setup for sell on the rally.

 

USDCAD

 

What we should look here is a confirmation. I will wait for the Stochastic to crossover and move down before I enter the trade. This confirmation is important because we do not want to enter the trade too early, to prevent any unexpected loss.

Enter the trade when the Stochastic crossover, place your stop loss above the trend line and profit target around 1.223 levels. You can adjust your stop loss based on your money management rule.

The price could break the trend line and start a new uptrend, but we need to make sure the price close above the trend line, but I do not recommend it.

Keep your eyes for the confirmation, and trade accordingly.

Make sure you use proper money management to minimize the risk!
Hope this helps!

Happy trading,

RICO FY