When checking 4h chart, I can see Head & shoulders pattern.

usdcad

Price is at the moment at the neck, so we need to closely monitor it, in case we will break it up or bounce back down. If we will get nice 4h rejection candle at neck, we could sell it from neck, other more conservative approach is, that we wait till MPP should potentially be broken and then retested from bellow. Other (2) option is, that neck will not be respected and price will break it. In this case, I will wait for good break confirmation, pull from the neck for round 60-70 pips and then retest of the neck from above to enter long.

Today we don’t have any CAD or US red news ahead of us.

One thought on “USDCAD trade setup for 03. and possibly 4. of November”

  1. Dimitar Ivanov says:

    Thanks for the post Igor. I quite like it.

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