Sell Setup Analysis for USD/CAD (Daily Chart)

4 ก.พ.

Sell Setup Analysis for USD/CAD (Daily Chart)
Trendline Break Potential:

The chart shows a strong ascending trendline supporting price action.
The recent bearish engulfing candle suggests a possible breakdown of this trendline.
Bearish Momentum Confirmation:

A strong red candle after a sharp upward move indicates a potential reversal.
If the price breaks the trendline, further downside movement is expected.
Key Levels to Watch:

1.4423 (Current Price): If this breaks downward, it may confirm a sell setup.
1.4300 - 1.4200 (Intermediate Support Zones): Possible first downside targets.
1.3418 (Projected Low Target): A major downside target based on the downward trend channel.
Risk Management:

Entry: A break and retest of the trendline around 1.4400 - 1.4350 could be a good confirmation.
Stop Loss: Above 1.4500, to account for false breakouts.
Take Profit: Gradual exits at 1.4200, 1.3900, and ultimately 1.3418 if the downtrend continues.
Conclusion:
If the price breaks below the trendline with strong momentum, this sell setup could be valid.
The next few candles will be critical for confirming the bearish move.
Watch for volume and price action near the trendline for confirmation.

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