Entry Point: Buy at 1.3665
Stop Loss (SL): 1.3618
Take Profit (TP) Levels:
TP1: 1.375
TP2: 1.378
Technical Analysis: The 1.3665 level has proven to be a strong support zone, as evidenced by multiple failed attempts to break below it (multiple wicks formed). This indicates strong buying interest at this level.
Fundamental Analysis: Current inflation numbers suggest that the Bank of Canada is on track to meet its targets. This leads to the expectation that they might cut rates on July 24, 2024. This potential rate cut is likely to weaken the CAD, making USD/CAD a buy.
Timing: Entering the trade 8 days ahead of the expected interest rate decision provides a good entry point before the potential bullish trend picks up momentum.
Conclusion:
This strategic entry is based on both technical patterns and fundamental expectations.
This trade setup offers a favorable risk/reward ratio. Stay alert for any updates as the market evolves.
Stop Loss (SL): 1.3618
Take Profit (TP) Levels:
TP1: 1.375
TP2: 1.378
Technical Analysis: The 1.3665 level has proven to be a strong support zone, as evidenced by multiple failed attempts to break below it (multiple wicks formed). This indicates strong buying interest at this level.
Fundamental Analysis: Current inflation numbers suggest that the Bank of Canada is on track to meet its targets. This leads to the expectation that they might cut rates on July 24, 2024. This potential rate cut is likely to weaken the CAD, making USD/CAD a buy.
Timing: Entering the trade 8 days ahead of the expected interest rate decision provides a good entry point before the potential bullish trend picks up momentum.
Conclusion:
This strategic entry is based on both technical patterns and fundamental expectations.
This trade setup offers a favorable risk/reward ratio. Stay alert for any updates as the market evolves.
Trade active
Here we go trade active for the next 8 to 10 days !! So don't get stopped out.Note
Close 20 pips profits from this trade.We will enter again
Note
We are ready entering the trades price will retraced back to our set upTrade closed: target reached
Note
The take profit was reached sooner than expected We'll update this trade before the news tomorrow, new positions
Trade active
This is a set up for tomorrow news tradingTrade active
Note
Move SL to 1.376 lowering the riskTrade closed: target reached
Cloud early 25 pips ✅️✅️
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t.me/+pknBOliLTkI1Mjk5
Contact me
t.me/Eleazarahmath
x.com/Elitepipmaster
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.
My free signals
t.me/+pknBOliLTkI1Mjk5
Contact me
t.me/Eleazarahmath
Twitter
x.com/Elitepipmaster
t.me/+pknBOliLTkI1Mjk5
Contact me
t.me/Eleazarahmath
x.com/Elitepipmaster
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.