FX.co ★ Tips for trading USD/CAD

After a prolonged bullish trend, USD/CAD fell into a downward correction, with three target price levels.

Traders could look for support levels in order to develop the bearish price movement.

Looking at the three-wave pattern (ABC), short positions could be opened with stop-loss set at 1.37680. Take profit upon the breakdown of 1.36265, 1.35661, and 1.33700.

The trading idea follows the framework of the "Price Action" and "Stop Hunting" strategies.

Good luck in trading and don't forget to control the risks! Have a nice day.