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How Bull Trap leads USD/CAD close 2014 low


                                                           

After a long two years bull trend, the USD/CAD formed a well bearish Rounded Top at January 2016 (1.4689) created it's high. This leed to a strong bearish move closing below Octoer 2015 low (1.2831) to confirm the pattern as a bearish reversal move. Looking at the chart above the price found support at May 2016 low (1.2460) this leed to a rally (retracement) and formed a large range bound within two trend lines.

As the price rallied within the range bound, they was a strong resistance zone found at December 2016 (1.3598) which leed to a  strong (FALSE BREOUT/ BULL TRAP). After aboult 1 to 2 candle sticks the price broke back below 1.3598 (BUL TRAP) which confirmed a well Bull trap.

As a bearish reversal pattern the price continue to fall futher breaking off outlined support major zones which letter turns into resistance as price re-test them. This will leed the USD/CAD to 1.0973 Zone as forecasted pushing limit in few months of years to come.

Note: Don't foreget Technical Analysis is an act form and less science
'' TRADE WHAT YOU SEE NOT WHAT YOU WANT TO SEE''

HAPPY TRADING!!!!!!!!!!!!

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About Chiejine Victor

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chiejine victor
Ojo, Lagos, Nigeria
Chiejine Victor founder of Financial Career Fx is a young full time forex trader (TREND ANALYST) He studies the market in daily basis. He set to define that Technical analysis is more important, an art form and less on science. The fundamental of victor’s approach to Technical analysis illustrate the existence of an inefficient market model (PRIMARY TREND)!!!!!!!!!!

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