USDCAD Long Opportunity
Updated
Hi guys and girls,
I have a feeling that USDCAD might give us a push to the upside based off technical analysis. Now, knowing that market volatility is quite high at the moment we could see multiple scenarios play out but I favour the long bias for roughly 100pips, give or take. Based on the 4H chart we have broken above and closed on the 50 EMA. Going down one timeframe on the 1H we can confirm a small trendline and price action has also broken through closed above the 50 EMA.
Entries around this area are favour for a stop just below previous 4H candle wick. Yes, very simple and text book type setup but sharing is caring :)
Enjoy!
I have a feeling that USDCAD might give us a push to the upside based off technical analysis. Now, knowing that market volatility is quite high at the moment we could see multiple scenarios play out but I favour the long bias for roughly 100pips, give or take. Based on the 4H chart we have broken above and closed on the 50 EMA. Going down one timeframe on the 1H we can confirm a small trendline and price action has also broken through closed above the 50 EMA.
Entries around this area are favour for a stop just below previous 4H candle wick. Yes, very simple and text book type setup but sharing is caring :)
Enjoy!
Note
Guys and girls, Quick update on the trade. Looks like we are slowly moving in the right direction. Again in these market conditions, expect the unexpected so please make sure you use proper risk management. Due to a very tight stop we can risk a little more but again, I expect tight risk. Lets keep chugging away!
Note
Guys and girls, what can I say haha. Stops weren't enough for that ridiculous whip saw action we seen when the Feds announced that rate cut. But as you can see its on it's way to Target.
All good, we had the right idea. Make sure you hit that follow button for more trade ideas soon to come!
Thank you
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