03.08.202011:13 Forex Analysis & Reviews: USD/CAD quote rebounds from 1.33

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Good day traders! A trading idea for the USD / CAD pair.

Last Friday, a rebound from the level of 1.33 occurred, indicating a clear monthly support level for the bulls, behind which they can safely hide their risks.

Find these stops as follows:

1-hour TF:

Work for the completion of the large ABC wave pattern (which started on July 20), aiming for an update of the monthly bulls' area below 1.33.

Profitability of about 1 to 1 will come, when the price reaches 50% Fibonacci.

Selling will be relevant until wave "A" breaks above the level of 1.36.

Such a trading idea is developed, on the grounds of Price Action and Stop Hunting strategies.

Good luck!

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