Good afternoon traders! Here is a new trading plan for the USD/CAD pair.
Yesterday, the plan was to work out wave “A” that was formed on July 14 and 15. It led to a 50% pullback, which creates good conditions and profitability for shorting the quote to a new low after the level of 1.34900:
It is clear that the buy stop orders are at the level of 1.34900. Therefore, work on its breakdown, after which hold part of the position at 161.8% Fibonacci.
Cancel the short scenario if the quote breaks out of the level 1.36400.
This trading idea is based on the Price Action and Stop Hunting strategies.
Have a successful trading and always remember to control the risks!
The material has been provided by InstaForex Company – www.instaforex.com
Source:: Trading idea for the USD/CAD pair