USD/CAD Bullish Crab Pattern
A nice long opportunity for USD/CAD, however, beware of
NFP data being published later in the afternoon today which
will definitely influence this pair, therefore, this trade setup
is probably best suited for next week but it gives you an idea already.
Price is trading below the 200 SMA, and the 200 SMA is
currently just below the 61.8% Fibo retracement as well as
just below point B of the bullish Crab Pattern, hence,
plenty of resistance there.
I would ONLY recommend targeting 1.29434 with a re-test
and close above the 200 SMA as the 1.2868 level will
determine the near term direction of price, thus, a
rejection at that level should send price further down.
Trade 1 (RvR ratio 2:1)
Entry: Close above 1.2783
S/L: 1.27407
T/P 1: 1.28207
T/P 2: 1.28676
Trade 2 (RvR ratio 2:1)
Entry: ONLY with close above 1.2868
S/L: 1.28303
T/P 3: 1.29434
Happy trading
A nice long opportunity for USD/CAD, however, beware of
NFP data being published later in the afternoon today which
will definitely influence this pair, therefore, this trade setup
is probably best suited for next week but it gives you an idea already.
Price is trading below the 200 SMA, and the 200 SMA is
currently just below the 61.8% Fibo retracement as well as
just below point B of the bullish Crab Pattern, hence,
plenty of resistance there.
I would ONLY recommend targeting 1.29434 with a re-test
and close above the 200 SMA as the 1.2868 level will
determine the near term direction of price, thus, a
rejection at that level should send price further down.
Trade 1 (RvR ratio 2:1)
Entry: Close above 1.2783
S/L: 1.27407
T/P 1: 1.28207
T/P 2: 1.28676
Trade 2 (RvR ratio 2:1)
Entry: ONLY with close above 1.2868
S/L: 1.28303
T/P 3: 1.29434
Happy trading
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.