USD/CAD Buy SwingTrade
Reasons to Enter the Trade:
Trendline and Fibonacci Confluence:
The price is respecting a strong upward trendline.
The 61.8% Fibonacci retracement level aligns with the trendline, providing strong confluence for a potential reversal.
Stochastic Oversold:
The stochastic oscillator indicates a potential upward reversal as it climbs from an oversold region.
Risk-Reward Opportunity:
The chart shows a decent risk-reward setup, with a target near the 0% Fib level (1.4180) and a stop-loss below 1.3925. If this provides at least a 2:1 reward-to-risk ratio, it's a good trade to consider.
Structure Holding:
There’s no significant break below the critical structure levels, suggesting the bullish bias is intact.
Trendline and Fibonacci Confluence:
The price is respecting a strong upward trendline.
The 61.8% Fibonacci retracement level aligns with the trendline, providing strong confluence for a potential reversal.
Stochastic Oversold:
The stochastic oscillator indicates a potential upward reversal as it climbs from an oversold region.
Risk-Reward Opportunity:
The chart shows a decent risk-reward setup, with a target near the 0% Fib level (1.4180) and a stop-loss below 1.3925. If this provides at least a 2:1 reward-to-risk ratio, it's a good trade to consider.
Structure Holding:
There’s no significant break below the critical structure levels, suggesting the bullish bias is intact.
Trade active
Trade is running to take profits Trade closed: target reached
ALMOST TP HIT
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.