Potential USDCAD Long Setup
The market maker algorithm has presented us with a potential buying opportunity.
Mind you this is end of day so there may not be volume to push it to targets until next week.
However...
Based on the current price action that I see, there is a potential 10R setup at this exact level if it holds.
Price action has respected this level previously and left fair value pricing above.
If it breaks the daily bank level and breaks through, we could see a push to the target.
If you decide to take this trade, realize that risk is your 1st concern.
Never risk anything more than what you can afford to lose in any single trade.
1-3% maximum is optimal but you can use whatever risk suits your appetite.
Happy trading and a happy new year.
Mind you this is end of day so there may not be volume to push it to targets until next week.
However...
Based on the current price action that I see, there is a potential 10R setup at this exact level if it holds.
Price action has respected this level previously and left fair value pricing above.
If it breaks the daily bank level and breaks through, we could see a push to the target.
If you decide to take this trade, realize that risk is your 1st concern.
Never risk anything more than what you can afford to lose in any single trade.
1-3% maximum is optimal but you can use whatever risk suits your appetite.
Happy trading and a happy new year.
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