USDCAD retests the previous broken level

USDCAD retests the previous broken level

Key Resistance: 1.2570
Key Support: 1.2520

There`s no need for long term view on this trade other that we are trend following here on a massive bearish market.

15M Chart Analysis
Pretty simple and slam dunk day trade on the USDCAD here if price breaks with the immediate structure (bull flag) Price has rallied to retest the previous broken level which also confluences with the 0.618 pullback of the last bearish leg.

We are trading a very structured market here but we need confirmation of the breakout-continuation. This is why we have our sell stops below the previous lows.

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Author : Orlando Gutierrez

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