TradingView
ThinkingAntsOk
21 ื™ื•ื ื™ 2021 11:43

USD/CAD on Bullish Territory ย ืœื•ื ื’

U.S. Dollar/Canadian DollarFXCM

ืชื™ืื•ืจ

โ‹…
Good morning traders, today we will analyze USD/CAD in depth since last week there was an interesting breakout that is worth studying.

This analysis consists of 3 timeframes. The Weekly and Daily are merely context analysis, and the 4h timeframe will be in which we look for a potential entry into the market.

๐Ÿ”ธLet's look at the Weekly Chart:



In this timeframe, we see that the price is bouncing off a large support zone, which was the starting point of the two previous bullish impulses. This is the first bullish sign. There is a possibility that in this situation we will see the same behavior.

๐Ÿ”ธIn the Daily Chart (published chart), we detected a break in the bearish channel that had been in force for more than a year, which is a great bullish sign. If we add this situation to the rebound in the support zone, it gives us a scenario of high bullish probability. The target that we consider probable is the intermediate resistance zone at approximately 1.3400.

๐Ÿ”ธAnd finally, the 4H chart:



Here what we are going to propose is the scenario to wait to take a bullish trade. Under our trading style, the best thing to wait would be a corrective move that allows us to take a position with a high R/R, for example a bullish flag. If this happens, we will operate the breakout of the corrective structure and the stop loss will go behind it.

ืชื’ื•ื‘ื•ืช
World_Open_Forex
โ‹…
Nice idea!
PowerOfCapital
โ‹…
Looking for pull back to long....
TRADiNG_hub
โ‹…
Looking for continuation Upside ๐Ÿ‘
ืขื•ื“