USDCAD LONG BUY
The loonie has been consolidating in a wedge formation for a weeks now and has finally made a bullish push to the upside. Our points of consolidation were between 1.3300 and 1.3400. After breaking above that strong psychological resistance at 1.3400 we made way for a strong move. Upside rally pushed by the interest rate news, helped USDCAD touch 1.35200 before the sell off. Now that we have made a move back to retest the wedge structure, the potential for this pair to go higher is valid. The falling prices of oil should help boost the pair to the upside.
We are also resting on previous resistance, now acting as support. With the month of May underway, the potential for this pair to rise to previous highs is exciting!
Setting a tight stop loss, in the case that we break below the wedge structure, should we do so, I will look to short this pair on the retest of the wedge structure.
Buy USDCAD
Type: Swing Trade
BUY: 1.3375
TP1: 1.3410
TP2: 1.3460
TP3: 1.3500
TP4: 1.3550
Stop Loss: 1.33500
RR: 1:7
(25 pip risk, 175 pip reward)
Please keep note that Forex is a very volatile market and literally anything can happen at any moment, the trade signals provided here are suggestions only*
- If you would like to join our subscription service to receive daily/weekly Forex signals please sign up at:
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Thank You
The loonie has been consolidating in a wedge formation for a weeks now and has finally made a bullish push to the upside. Our points of consolidation were between 1.3300 and 1.3400. After breaking above that strong psychological resistance at 1.3400 we made way for a strong move. Upside rally pushed by the interest rate news, helped USDCAD touch 1.35200 before the sell off. Now that we have made a move back to retest the wedge structure, the potential for this pair to go higher is valid. The falling prices of oil should help boost the pair to the upside.
We are also resting on previous resistance, now acting as support. With the month of May underway, the potential for this pair to rise to previous highs is exciting!
Setting a tight stop loss, in the case that we break below the wedge structure, should we do so, I will look to short this pair on the retest of the wedge structure.
Buy USDCAD
Type: Swing Trade
BUY: 1.3375
TP1: 1.3410
TP2: 1.3460
TP3: 1.3500
TP4: 1.3550
Stop Loss: 1.33500
RR: 1:7
(25 pip risk, 175 pip reward)
Please keep note that Forex is a very volatile market and literally anything can happen at any moment, the trade signals provided here are suggestions only*
- If you would like to join our subscription service to receive daily/weekly Forex signals please sign up at:
- www.profitinpips.com
We have professional and standard chatrooms available!
Thank You
Comment:
TP 1 hit +35 pips
Comment:
TP 2 hit +85 pips
Comment:
TP 3 hit +125 pips
Comment:
TP 4 hit +175 pips!
Successful trade!
Successful trade!