Bearish trade idea for EUR/CAD.

Waiting for a solid retest of previous support turned resistance. With the such a strong reaction to the news I expect the price to continue to trend down to the previous support

Risk - 1%
R/R ~ 4.5
Stay safe and stick with your plan.

Comment:

The price seems to be recovering from the news this morning and has now made it's way back into the channel. I don't think the pair will have enough steam to break out past the upper resistance zone. I'm maintaining my bearish outlook. Here are my entry, SL and TP. Should the price continue on it's current trajectory and breakout above resistance and establish a new HL, then I'll consider flipping the trade to a bullish outlook.

As always.
Stay safe and stick with your plan.

Entry - Ideally at 1.43200 but anything within a few pips will suffice.
Stop Loss - 1.44295
Take Profit - 1.38066

Comment:

I took the entry and have been in for the ride. Still currently holding my position. I suspect that we will see some downside movement in the near future. I'm still maintaining my bearish outlook for the pair and for this trade. Will update.