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:

Pivot High @ 1.4238
Resistance, Major @ 1.4209
SLO2 @ 1.4188 📉
SLO1 @ 1.4087 ⏳
TP1 @ 1.3894
TP2 @ 1.3733
TP3 @ 1.3614
TP4 @ 1.3430
BLO1 @ 1.3386 ⏳, minor support
BLO2 @ 1.3279 ⏳, 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

🔄 USDCAD UPDATE 🔄
HIGH TIMEFRAME

Pivot High @ 1.46685
Resistance, Major @ 1.4463
Resistance, Major @ 1.4209
SLO2 @ 1.4536 ⏳
SSO1 @ 1.4270 ⏳
SLO1 @ 1.4188 📉
TP1 @ 1.3763
TP2 @ 1.3337
TP3 @ 1.3024
TP4 @ 1.2539
Support, Minor @ 1.33858
Support, Major @ 1.32522
BLO1 @ 1.2422 ⏳
BLO2 @ 1.2140 ⏳
Pivot Low @ 1.2007

ProfessorCEWard

Professor C. E. Ward

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ProfessorCEWard

Professor C. E. Ward

Also on: