USDCAD – False Break Setup +300 Pips in Profit | Jun 15

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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.

false break setup for +300 pips in Profit USDCAD 2ndSkiesForex

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I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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