USDCAD - Bearish engulfing bar at resistance

This pair has been ranging since May. A Bearish Engulfing bar has formed at the top of the range offering a potential opportunity to the lows.

There's potential that the blue trendline resistance could hold and price may move higher (especially as Oil prices are going down, which would cause CAD to go down too).

Trade stängt manuellt:

Price bounced off of the trendline and retraced higher. Closed out at BE.

Kommentera:

Something I notice now about this trade is that candles following the signal went higher, thus invalidating the signal.