USD/CAD is currently forming a bullish reversal setup on the weekly timeframe, suggesting a potential longer-term move to the upside.
Right now, the price is rebounding from a long-term ascending trendline, which has acted as dynamic support since 2021. This level also aligns with a prior resistance-turned-support zone, adding confluence. Volume has spiked recently, signaling strong market interest at this level. ⚠️
If price holds above 1.3800 and breaks above the recent weekly highs, we could see a bullish continuation toward the 1.4650–1.4800 supply zone. 🎯
🔹 Trade Setups to Consider:
1️⃣ Weekly Trendline Bounce Entry 📍 Entry: 1.3886
🛑 Stop Loss: 1.3723
🎯 Targets: 1.4140 ➡️ 1.4650
2️⃣ Breakout & Retest Entry 📍 Entry: 1.4140 (on retest after breakout)
🛑 Stop Loss: 1.3950
🎯 Target: 1.4800
📌 Risk Management Tip: This setup is based on a higher timeframe, so wider stops and longer holding periods are expected—size your positions accordingly.
💬 What’s your view on USD/CAD? Drop your thoughts below 👇
#Forex #TradingSetup #WeeklyChart #PriceAction #TechnicalAnalysis #TradeIdeas #USDCAD #TrendlineSupport #BullishReversal #MacroSetup
Right now, the price is rebounding from a long-term ascending trendline, which has acted as dynamic support since 2021. This level also aligns with a prior resistance-turned-support zone, adding confluence. Volume has spiked recently, signaling strong market interest at this level. ⚠️
If price holds above 1.3800 and breaks above the recent weekly highs, we could see a bullish continuation toward the 1.4650–1.4800 supply zone. 🎯
🔹 Trade Setups to Consider:
1️⃣ Weekly Trendline Bounce Entry 📍 Entry: 1.3886
🛑 Stop Loss: 1.3723
🎯 Targets: 1.4140 ➡️ 1.4650
2️⃣ Breakout & Retest Entry 📍 Entry: 1.4140 (on retest after breakout)
🛑 Stop Loss: 1.3950
🎯 Target: 1.4800
📌 Risk Management Tip: This setup is based on a higher timeframe, so wider stops and longer holding periods are expected—size your positions accordingly.
💬 What’s your view on USD/CAD? Drop your thoughts below 👇
#Forex #TradingSetup #WeeklyChart #PriceAction #TechnicalAnalysis #TradeIdeas #USDCAD #TrendlineSupport #BullishReversal #MacroSetup
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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.