USDCAD - Already Over-Bought! Again...
Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
📈 USDCAD has been overall bullish, trading within the rising flat channel in blue.
However, USDCAD is approaching the upper bound of the channel again acting as a non-horizontal resistance.
Moreover, it is retesting a strong resistance zone at 1.362 - 1.365 marked in green.
🏹 Thus, the highlighted blue circle is a strong area to look for sell setups as it is the intersection of the green resistance and upper blue trendline.
📚 As per my trading style:
As #USDCAD is around the blue circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
📈 USDCAD has been overall bullish, trading within the rising flat channel in blue.
However, USDCAD is approaching the upper bound of the channel again acting as a non-horizontal resistance.
Moreover, it is retesting a strong resistance zone at 1.362 - 1.365 marked in green.
🏹 Thus, the highlighted blue circle is a strong area to look for sell setups as it is the intersection of the green resistance and upper blue trendline.
📚 As per my trading style:
As #USDCAD is around the blue circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
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