USD/CAD Technical Analysis (Double Bear Flag Scenario)
USD/CAD showing bearish signs on the weekly chart
Double bear flag scenario looks to be in play
Measured moves for both bear flags co-inside with each other to create a good amount of confluence
Major Confluence Zone = Green Box
1) Larger bear flag measured move meets the
move of smaller bear flag and 61.8% fib level
2) Smaller bear flag measured move meets the
move of larger bear flag and 61.8% fib level
3) 61.8% fib level is a very likely place to retrace to,
especially when there are multiple confluences found
Potential trade setup:
Target the 61.8% fib for a 13% gain and a stop loss above the channel if it breaks upwards instead for a small loss
Double bear flag scenario looks to be in play
Measured moves for both bear flags co-inside with each other to create a good amount of confluence
Major Confluence Zone = Green Box
1) Larger bear flag measured move meets the
move of smaller bear flag and 61.8% fib level
2) Smaller bear flag measured move meets the
move of larger bear flag and 61.8% fib level
3) 61.8% fib level is a very likely place to retrace to,
especially when there are multiple confluences found
Potential trade setup:
Target the 61.8% fib for a 13% gain and a stop loss above the channel if it breaks upwards instead for a small loss