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USDCAD: DOLLAR INDEX OPENS A CHANCE FOR SMALL TRADE-BEARISH.

Dollar index opens a chance for small trade (profit), as a correction.

This pair seems to be losing its bullish momentum after an extended up run.

Presently, the market landed at 1.32879. Followed by an unwanted impulse.

At 1.31045 the market desperately formed an impulse and broke the trend line (shown in the graph).
That impulse creates an opportunity for small trade.

By its previous movement, the resistance becomes support for the price range.

This action may tend a pullback and correction.

I hope that correction will be a good chance to bag some profits.

The signal may fall to the previous breakpoint as a correction to equalise the impact.

On the other hand, I placed the stop loss at previous resistance high.1.33563
In case if the pullback and correction don’t happen means don’t worry it won’t be a loss for you.

Bottom line, if no pullback/correction means, quite the trade at 1.33563

SIGNAL SPECIFICATION: 

Pair: USDCAD
Order: SELL
Entry: 1.32879
Take profit: 1.31288
Stop loss: 1.33563
Risk Vs Reward: 2.33
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Note:
Trade signals would usually have a risk to reward ratio of 1:2.
It means that even 2 out of 4 signals hits their SL marks, the other two would have closed with profit.
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Signals are usually inter-day (Based on the daily candle) therefore, trades would usually have a holding time of an average minimum of 24 hours.

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Note: Please leave comments for any query.

Disclaimer: This is my trading experience, it is not an invite or recommendation to trade.

Best
Forextamil
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20 Jun 2018 2:49 pm Posted by tamilforex

 
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