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Outside Bar and Inside Bar on USD/CAD

Outside Bar and Inside Bar on USD/CAD

Since the beginning of this month, Loonie has being traded in a flat. A unidirectional trend is not observed. Investors expect additional drivers. At the moment, the Price Action method signals the development of bullish sentiment. Near the round level of 1.33000, some classic Outside Bar and Inside Bar patterns (H4 timeframe) have been formed, which indicate the growth of the USD/CAD quotes. We recommend paying attention to the current technical pattern.

If the price fixes above 1.34000, you need to consider buying USD/CAD. The immediate goal for profit taking is the offer zone of 1.34400-1.34650. In the medium term, the USD/CAD currency pair may reach the round level of 1.35000. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.

by JustMarkets, 2019.04.16

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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