The Forex Mechanics want you to see what is happening with USD/cad after we told you it was bound to break the Trend line (please refer to our analysis on this pair).
Now it has broken all the LPRs and we think its heading somewhere
Now you will see that it has broken the trend line and about three resistance lines.
The first line of resistance was 1.29549
The second line of resistance was 1.29723
The third line of resistance was 1.29972
The issue is it has come back to retext the 1.29972 level so the likelihood is that if it does not break further down it will continue further North. So what the Forex Mechanics have decided to do is to place a
BuyStop at 1.30246 and Take profit at 1.30592 which is about 30 pips
So the Forex Mechanics are patiently waiting.
I know you must have heard about BPC in Forex. That is what is happening with this pair
We do not recommend this trade we have only done this for your perusal only
Thanks