USDCAD (4D) HIGH-RISK OPPORTUNITY, DT
Updated
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 π
- SLO1 @ 1.4087 β³
- TP1 @ 1.3894
- TP2 @ 1.3733
- TP3 @ 1.3614
- TP4 @ 1.3430
- BLO1 @ 1.3386 β³, minor support
- BLO2 @ 1.3279 β³, 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
π USDCAD UPDATE π
HIGH TIMEFRAME
Pivot High @ 1.46685
Resistance, Major @ 1.4463
Resistance, Major @ 1.4209
SLO2 @ 1.4536 β³
SSO1 @ 1.4270 β³
SLO1 @ 1.4188 π
TP1 @ 1.3763
TP2 @ 1.3337
TP3 @ 1.3024
TP4 @ 1.2539
Support, Minor @ 1.33858
Support, Major @ 1.32522
BLO1 @ 1.2422 β³
BLO2 @ 1.2140 β³
Pivot Low @ 1.2007
Professor C. E. Ward
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