May be a bit too late to enter LONG USDCAD
Updated
As you can see price is bouncing off support but with the upcoming trend line resistance and horizontal resistance, it may be too risky and not worth it to enter. HOWEVER if you are already long near the double bottom, i would hold it.
I will look to short it around the green resistance zone.
I did not go long on this since i was risking 7% shorting eurusd, nzdusd and nzdcad already.
I will look to short it around the green resistance zone.
I did not go long on this since i was risking 7% shorting eurusd, nzdusd and nzdcad already.
Note
As I have anticipated, there are too many resistance ahead of USDCAD to consider going long at the immediate support level. However, I WILL LOOK TO GO LONG AGAIN if USDCAD gets back down to the purple support level.
You dont know if a support or resistance level is broken or not until it happens. But IF YOU DONT PUT ON A TRADE, YOU CAN MISS OUT. I will update on this when it happens.
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