USDCAD False-breakout Trading +118 Pips
9 June 2015, 02:22
Like I wrote in the previous post about USDCAD, there was an high chance of a false break-out of the 1.253 resistance due to the weak background, and previous supply signals at that level, meaning it was a likely distribution level. The candle that took prices above the resistance, yet closed below it, due to selling pressure, was a good confirmation of the false break-out and hence a good spot to short. Closed the trade after 2 bullish congestion zones.
