USDCAD counter-trend trade (if-then)
I'm expecting the price to test the previous high, but I'm not going to get greedy with it, the price is in a nice trend up, fundamentally this should go up, so I don't expect a full reversal at this point.
The target is just above the .382 at support, because if I were waiting to get long and USDCAD that would be the perfect price, so let's make sure that we don't get caught there.
IF the price test the previous high THEN i'll look for a short opportunity and target the 1.3288 level. IF the trade is successful THEN i'll look for a long opportunity and target the previous high and a second target for the breakout at the 1.272 extension.
The target is just above the .382 at support, because if I were waiting to get long and USDCAD that would be the perfect price, so let's make sure that we don't get caught there.
IF the price test the previous high THEN i'll look for a short opportunity and target the 1.3288 level. IF the trade is successful THEN i'll look for a long opportunity and target the previous high and a second target for the breakout at the 1.272 extension.
