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Looking for a top in USD/CAD 1 hour
Tuesday, January 27, 2015 17:57
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Trend is bullish in 1 hour chart. Intraday support is present at 1.2310 price level. As long as price prints; higher highs and higher lows, I would be probably looking for buy trades. Since yesterday, the currency pair has printed a weak bearish leg. This looks like a start of a pull back or may be top is going to appear in an up trend. If bearish candlestick closes below 1.2310 critical support level then up trend is going to end. In this case, I would prefer to stay out of the market and re-analyze the price action.
Source: http://www.fxinstructor.com/blog/looking-for-a-top-in-usdcad-1-hour
