This is a COUTERTREND trade. Long term bearish, expecting a short term bounce.
We're getting overextended on the USDCAD on the 4Hour and the Daily chart. There is divergence in 4 indicators that show a slowing of momentum and a possible bounce in this long time down trending market.
Stop 1.2000 (45 pip stop from top of entry zone)
Target: 1.2160 (115 pips)
Conservative entry: wait for the 1.2000-1.1960 level for entry and then place stop at 1.1940, same target. This is based off of the Daily chart and if you want to wait for the move down, then a three bar reversal, that's a good possible longer term trade.
UPdate JUNE 1st: So the signal itself stopped out at breakeven, moving stop up to breakeven in the standard once the amount of the stop loss has been achieved on the way to the profit target to reduce risk. Since that happened last week, we got stopped out at no loss on this trade. (In one of my accounts, I took profits at 65 pips but wanted to hold a smaller position to the original take profit)