USDCAD: A Pullback Trading Setup
-INTRODUCTION-
USDCAD is currently moving within a wide ascending channel. The price has recently reached a new high at the 1.3070 level. After reaching a new high, the price retraced, and now aims to retest the 1.2750 support level. This is a healthy pullback, as we can see from the past price action that after price has reached a new high, it tends to correct for a period of time but eventually will return to retest the recent high. Therefore, a deep pullback means a great risk to reward ratio trade can be entered to target the recent high.
-TRADING PLAN-
The price is currently approaching the 1.2750 support level. Our area of interest to enter buy positions is in between the 1.2650 ~ 1.2750 level. From this area, we expect the price to consolidate and form a kind of a pattern, and then rise to retest the previous high at the 1.3070 level. This could potentially be a good 300 ~ 400 pips swing buy trade.
We will update with a new post when a swing buy opportunity is created.
Check out our ongoing and previous pullback strategies below :)
USDCAD is currently moving within a wide ascending channel. The price has recently reached a new high at the 1.3070 level. After reaching a new high, the price retraced, and now aims to retest the 1.2750 support level. This is a healthy pullback, as we can see from the past price action that after price has reached a new high, it tends to correct for a period of time but eventually will return to retest the recent high. Therefore, a deep pullback means a great risk to reward ratio trade can be entered to target the recent high.
-TRADING PLAN-
The price is currently approaching the 1.2750 support level. Our area of interest to enter buy positions is in between the 1.2650 ~ 1.2750 level. From this area, we expect the price to consolidate and form a kind of a pattern, and then rise to retest the previous high at the 1.3070 level. This could potentially be a good 300 ~ 400 pips swing buy trade.
We will update with a new post when a swing buy opportunity is created.
Check out our ongoing and previous pullback strategies below :)
פרסומים קשורים
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
פרסומים קשורים
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.