USDCAD – False Break Setup +300 Pips in Profit | Jun 15
My Current Active Open Trades: EURGBP, EURNOK, EURPLN, NZDJPY, USDMXN, CADMXN, XAUTHB, AX_UN, ANZ, BMO, CUF_UN, CSE, SBER, FXo EURJP7, FXo EURPLN
USDCAD – Resistance Holds, False Break Setup Now 300+ Pips in Profit (Daily chart)
As we talked about in our members commentary on Jun 4th, the USDCAD had broken back underneath a key resistance zone and stabilized within a ST corrective structure.
Price came back and tested 1.3520 one last time for the false break setup we talked about, where just after it completely flushed the ST bulls, leading to a 300+ pip sell off within 4 days.
The move was so strong that it smashed through both minor s/r levels @ 1.34 and 1.33 with ease. Short term 1.33 & 1.34 should now act as minor resistance with major support coming in at 1.30.
Traders not already short can watch for a corrective move back into the FB area for potential trade setups.
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