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Friday morning we posted in the “Charts in Focus” about the possibility of a short trade on the USDCAD. We identified an area that traders could target for shorts if Price Action presented.
Price Action did come traders way in the form of a Bullish Engulfing Bar. Price has since moved lower testing recent lows in the process. Traders who took this trade have now be given a chance to take profit or protect capital by moving to break even.
USDCAD 4HR CHART
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Hi Jon,
I'm a bit confused. When you say 'Bullish Engulfing Bar' here, don't you mean 'Bearish Engulfing Bar'?