USDCAD is back inside the long-term Pitchfork downside channel
In this article, we are drawing Pitchfork channels on $USDCAD
On the monthly USDCAD chart, we can see that the pair is again back below 1.3300 level of the downside long-term Pitchfork channel line. Here a long-term symmetrical triangle has been formed. A key level for the monthly upside break is 1.3300 level.
Using Andrews Pitchfork tool hint: to plot Andrew’s Pitchfork on a chart, first, look for three consecutive big highs or lows at the asset’s price. These key points are highlighted in the chart below.
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We have used the combination of the top-down trading analysis and the Andrews Pitchfork channels to get to a trading entry stop loss levels and targets indicated below.
On the Daily chart, broken uptrend Pitchfork channel is pointing to downside extension. By a trading perspective, look for the short trade entries with the stop loss above the 1.3310 level targeting 1.3100 level first, and in a case of a daily close below this level look for the extreme extension lower. Downside invalidation will come on a stop loss trigger.
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