USD/CAD analysis on H1 time-frame by a Forex Fund Manager of Keon Consultancy | Sep 4, 2020
USD/CAD already has a prevailing downtrend which is most likely to continue after ABCD retracement shown on the chart. We entered a sell trade as soon as market penetrated below the low of the engulfing candle shown on the chart.
RSI (period undisclosed for privacy of trading style) crossed already below 50 to confirm a downswing. This swing may lead to making a fresh new low in USD/CAD, however, we are exiting early at just FIB61.8 as it's Friday.
We have moved SL to BE while writing this analysis, so the trade has already become risk-free.