USDCAD 11-07-2024

The benefit of using trading view is that it helps you to easily see supply and demand zones. The red horizontal lines are supply zones while the green horizontal lines are demand zones.

If you still don't see that USDCAD is in an uptrend, you should see that the resistance or the pair is supplied at 1.46250 and support at 1.21250. You should easily see the boxes around 1.46250 as our resistance zone, I use price levels. The support zone has a box around it as well on price level 1.21250.

Using this simple analysis, I frame the long term direction of USDCAD as bullish because price was supplied at 1.46250 on 22-03-2020 and demanded at 1.21250 at 26-05-2021.

Therefore as a trader I am looking for bullish entries. With risk management, buying this pair, you can make some bucks.

A conservative trader will wait to buy around 1.33750. This is because price has been rejected from 1.38750 price level (Zone will be 1.38750 and 1.375) and supported at 1.31250 (zone will be 1.31250 and 1.3250)

I will place a pending buy stop at initial high of the week 1.364 and take small profits along the way

Entry price: 1.364
Take profit 1: 1.375
Take profit 2: 1.397
Take profit 3: 1.4625
Lot size: 0.01

Weekly bias: Bullish
Long term: Bullish

Let me know what you think. Feel free to like, share or boost.

Disclaimer: Not a trading advice, educational purpose only