USDCAD - Is it time to finally buy?
USDCAD - In my year ahead outlook these were the levels I was talking about the 1.20 areas!! We have finally got to those areas longer term at a key 1.618 area but now it's looking a little over extended the bears. Where does this leave us? This could be a great opportunity for a trade up towards key resistance zones! Whilst trading CAD, keep an eye on WTI (CL)
Technically:
Pattern: Channel
Resistance: 50 EMA - 1.21895 areas
Support: 1.20785 - 1.20780
If we go above 50 EMA Close above out of the channel down - Bulls will come into control to the next resistance areas (Drawn in red) that could be potential take profit areas!
Key tip: It's important to implement your own trade plan for further confluence.
Trade Journal
(Just a trade idea, not a recommendation)
USDCAD - In my year ahead outlook these were the levels I was talking about the 1.20 areas!! We have finally got to those areas longer term at a key 1.618 area but now it's looking a little over extended the bears. Where does this leave us? This could be a great opportunity for a trade up towards key resistance zones! Whilst trading CAD, keep an eye on WTI (CL)
Technically:
Pattern: Channel
Resistance: 50 EMA - 1.21895 areas
Support: 1.20785 - 1.20780
If we go above 50 EMA Close above out of the channel down - Bulls will come into control to the next resistance areas (Drawn in red) that could be potential take profit areas!
Key tip: It's important to implement your own trade plan for further confluence.
Trade Journal
(Just a trade idea, not a recommendation)
Comment:
As expected bulls in control!
Comment:
Let's see if we can stay above...!