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Trading idea for USD/CAD

Trading idea for USD/CAD

A large ABC pattern has formed on USD / CAD yesterday, after the Federal Reserve clearly indicated its dovish stance on economic policy during its press conference.

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Trading idea for USD/CAD

The market is now noticeably in favor of the dollar, however, wave A still has not been updated on the chart. Thus, the next step is to work for a strong pullback, following this plan below:

Trading idea for USD/CAD

Take profit upon a breakout from price level 1.32560. Such will bring decent profit, about 1:1.

But of course, controlling the risk is necessary to avoid reducing or losing profit.

Best of luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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