03.02.2021
USDCAD
The overall trend is downward. The ascending pattern of the H4 level is truncated. Awesome Oscillator shows a bearish divergence, while Stochastic Oscillator signals overbought conditions. The inclined channel of the ascending pattern is broken, which gave the completion of the ascending pattern. Breaking through the support level of 1.2762 will result in the formation of a descending wave pattern.
Trading idea:
Sell when a descending wave structure below 1.2762.
Stop Loss: 1.2876.
Target levels: 1.2664; 1.2606.
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