Trade idea: USDCAD breakdown with aggressive covers
As mentioned on the chart, this is NOT a swing idea, and it's a totally different trade if there's a gap involved.
The support zone is tight, which I like for a daytrade. There are 2 clear levels where orders are tucked (past the yellow zone and past the dotted green line.
IF we get nice buildup ahead of the yellow level break (which is what's happening so far), combined with D1 heaviness....I'll be looking for a breakout. Since it's the weekend, a gap will likely screw up the buildup pressure and invalidate this whole idea. But if things remain relatively tight ahead of the yellow level, I'm thinking breakout.
The support zone is tight, which I like for a daytrade. There are 2 clear levels where orders are tucked (past the yellow zone and past the dotted green line.
IF we get nice buildup ahead of the yellow level break (which is what's happening so far), combined with D1 heaviness....I'll be looking for a breakout. Since it's the weekend, a gap will likely screw up the buildup pressure and invalidate this whole idea. But if things remain relatively tight ahead of the yellow level, I'm thinking breakout.
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