USDCAD Bearish Shark Short Trade – 30th June 2015

 

A bearish Shark pattern has been completed on USDCAD 4H timeframe. Shark is one of the most probable patterns as the completion D point naturally falls at a significant level. In this case D point is the 3rd retest of the 1.25620 level.

The beauty is that even if price fails to reach the level and falls short, but achievs 0.886 retracement of the XC distance, then it is counted as a valid Shark pattern.

Current price is nearly at the bottom boundary of the PRZ and we might see a reversal anywhere within the PRZ.

Average target for the trade would be 61.8% of the XC distance with a SL above the X point.

Need more confluence?

USDCADDaily-30-6

The pattern is being completed right around the 61.8% retracement of the main downtrend.

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