USDCAD Price Action – Triple Bottom + Pin Bar Rejection | Oct 16
USDCAD – Triple Bottom + Pin Bar
After bouncing off 1.1250 from the double bottom we mentioned yesterday in our members trade setups commentary, the pair formed an LH (lower high) just shy of the yearly highs around 1.1360.
This led to another round of selling, thus round-tripping back to the same double bottom around 1.1250, and in the process forming a pin bar rejection (1hr chart below).
If this bottom holds and the pin bar produces another reaction, then we should minimally see another go at 1.1350/60, perhaps the yearly highs. If we get a lower high, then we may start to see some breakdown in the trend, with the same 1.1250/25 support being challenged.
Make sure to read our latest Live Price Action Trade Setups with the top trade profiting +8R!
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book