USDCAD HAS BEEN FORMING HIGHER LOWS AND HIGHER HIGHS SINCE FEB 2018, thus marking a 6 month uptrend.
The pattern that we have here is also a bullish bat indicating an up move may be forming and also further confirming our bias is divergence, the corrective nature of the price action as well as support sitting on 1.29748 which is a monthly support level.
We will be looking for a breakout from the falling wedge to the upside before entering this trade to the upside.
Risk to reward is great and we should see price testing the highs of 1.33000 again.
Follow in order to get an update when we enter this trade.
The pattern that we have here is also a bullish bat indicating an up move may be forming and also further confirming our bias is divergence, the corrective nature of the price action as well as support sitting on 1.29748 which is a monthly support level.
We will be looking for a breakout from the falling wedge to the upside before entering this trade to the upside.
Risk to reward is great and we should see price testing the highs of 1.33000 again.
Follow in order to get an update when we enter this trade.
Note
So as we can see price respected this zone, we want to wait for a pullback before we enter.. this probably won't happen this week, but i WILL update if i see an entry for it.Note
I would take a low risk entry around here with a long position this is due to the news tomorrow, which given that this breaks out now we have a favourable position.
After news we can look for other entries on this pair, as i do believe the overall momentum is up, however it can wick both ways to hit SL.
Thats why we will add another position later on.
Note
Still waiting for a formation of bullish structure before enteringNote
Monitor for price breaking out above the previous high 1.30330 and then waiting for a pullbackNote
So finally it looks like it will break out, this should be ready to buy soon, just need an entry now. Will update as soon as i see it.Note
Okay, i'm putting a buy limit around 1.30300
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.