USDCAD is currently trading inside a well-defined downtrend channel on the 4H timeframe.
Price has respected this descending structure with consistent lower highs and lower lows.
Recently, a double bottom pattern has formed near the channel’s lower boundary, indicating potential bullish accumulation.
This suggests sellers are losing momentum and buyers may step in if key levels break.
Trade Plan:
1.Wait for a breakout of the downtrend channel to confirm shift in market structure.
2.Watch for a clean break and close above the neckline of the double bottom.
3.Only enter long on confirmed breakout to avoid false signals.
4.Target higher resistance levels once structure breaks.
5.Stop-loss below recent lows to manage risk.
Key Notes:
1.Patience is essential—avoid early entries inside the channel.
2.Double bottom + channel breakout offers high probability reversal setup.
3.Wait for strong bullish confirmation before committing.
Like, comment, share & follow for more trade ideas.
Price has respected this descending structure with consistent lower highs and lower lows.
Recently, a double bottom pattern has formed near the channel’s lower boundary, indicating potential bullish accumulation.
This suggests sellers are losing momentum and buyers may step in if key levels break.
Trade Plan:
1.Wait for a breakout of the downtrend channel to confirm shift in market structure.
2.Watch for a clean break and close above the neckline of the double bottom.
3.Only enter long on confirmed breakout to avoid false signals.
4.Target higher resistance levels once structure breaks.
5.Stop-loss below recent lows to manage risk.
Key Notes:
1.Patience is essential—avoid early entries inside the channel.
2.Double bottom + channel breakout offers high probability reversal setup.
3.Wait for strong bullish confirmation before committing.
Like, comment, share & follow for more trade ideas.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.