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USDCAD Inverted Hourly Fish Hook

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Avatar for rafaelken1989
Written by   52
4 months ago

My Thursday intraday trading plan will be on Greenback VS Loonie.

USDCAD is facing some real issue with its 9-week resistance.

Overnight, markets are saved by the bell after a negative PPI figure result. I'm speculating negative Thursday results for both US Core and Retail Sales too.

After watching the excellent technical video analysis with a clear USDCAD point of view from ACY Securities Senior Market Strategist & Trading Mentor, Duncan Cooper, it further supports my short plan today.

Watch the video below:

I think it's good to buy the Loonie pair for today entering through its intraday rally attempts dissecting near the hourly lowering highs that is part of the inverted Fish hook's head.

Largest stop loss placed at 1.32100 but can have smaller stops once price go up in exact opposite direction supporting a break-out of the hourly inverted Fish hook instead of a reversal.

Taking profit on the 50% retracement for 87 pips move down but can exit early getting some 40 pips from the main TP target.

Original article written by me:

https://www.finlogix.com/analysis/20220915/usdcad-inverted-hourly-fish-hook

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Avatar for rafaelken1989
Written by   52
4 months ago
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