USDCAD at a strong resistance, teacup pattern completed.

USDCAD

let's take a look at the USDCAD here, about a month ago it was at the very same level, and after NFP and Bank of Canada interest rates news hit, it came down a lot of pips, not because of the news (I do not follow or trade the news) but because of a bearish structure and facing a strong resistance. Today we have the same resistance holding, teacup pattern formed and completed in the short term, news hitter today BUT big wick showing bullish rejection.

at this point I would like to see a break and retest of this level before looking for a buy setup. otherwise I'm selling it like crazy.

I will post updates with lower timeframes scenarios, so you can keep up with it.

LG

Komentarz:

Komentarz:

shorter timeframe above, look at the teacup pattern completed. you should look for the break of that yellow line in order to buy it, otherwise sell the next bearish move.

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held the resistance, shorts are the high probability setup right now.

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and there has been at least 2 or 3 entry opportunities for sells...