USDCAD (4D) HIGH-RISK OPPORTUNITY, DT
A Cautious Downtrend Retracement in an Upward Trend
The USDCAD pair is currently experiencing a short-term retracement within a longer-term uptrend. While the overall trend remains bullish, it's important to exercise caution as we approach key support and resistance levels.
Key Levels to Watch:
Trading Strategy:
Risk Management:
The USDCAD pair is currently experiencing a short-term retracement within a longer-term uptrend. While the overall trend remains bullish, it's important to exercise caution as we approach key support and resistance levels.
Key Levels to Watch:
- Pivot High @ 1.4238
- Resistance, Major @ 1.4209
- SLO2 @ 1.4188 ๐
- SLO1 @ 1.4087 โณ
- TP1 @ 1.3894
- TP2 @ 1.3733
- TP3 @ 1.3614
- TP4 @ 1.3430
- BLO1 @ 1.3386 โณ, minor support
- BLO2 @ 1.3279 โณ, above major support
- Support, Major @ 1.3252
- Pivot Low @ 1.32286
Trading Strategy:
- Consider buying or taking long positions below 1.3386.
- Be aware of the potential for a sharp reversal.
- Maintain a bullish bias.
- Be prepared to adjust your position based on market developments.
Risk Management:
- A tight stop-loss order is crucial to limit potential losses.
- Manage your risk by avoiding over-leveraging your positions.
- Remember, technical analysis is a valuable tool, but it's not foolproof.
Trade active
๐ USDCAD UPDATE ๐
HIGH TIMEFRAME
Pivot High @ 1.46685
Resistance, Major @ 1.4463
Resistance, Major @ 1.4209
SLO2 @ 1.4536 โณ
SSO1 @ 1.4270 โณ
SLO1 @ 1.4188 ๐
TP1 @ 1.3763
TP2 @ 1.3337
TP3 @ 1.3024
TP4 @ 1.2539
Support, Minor @ 1.33858
Support, Major @ 1.32522
BLO1 @ 1.2422 โณ
BLO2 @ 1.2140 โณ
Pivot Low @ 1.2007
Professor C. E. Ward
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.
Professor C. E. Ward
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.