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USD/CAD – Down trend in 4 hours chart

Wednesday, February 22, 2017 14:04
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2-23-2017 1-22-35 AMTrend is bearish in 4 hours time frame. Vital resistance is present at 1.3211 price level. Price action has showed some signs of buying pressure and it looks like price is now going to move up to print Bullish Wave (B) leg. Wave (B) looks like a Zig Zag patten. So, wait for the price action to first print few bearish bars and then take a sell trading chance.

However; in case, price moves above 1.3211 key resistance level then down trend is going to fail. In such case, I would prefer to stop myself from trading and re-analyze the price action in USD/CAD currency pair.



Source: http://fxinstructor.com/blog/usdcad-down-trend-in-4-hours-chart-3

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