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Zanalysis

USDCAD Long Setup

Long
U.S. Dollar / Canadian Dollar (OANDA:USDCAD)  
Zanalysis  
OANDA:USDCAD   U.S. Dollar / Canadian Dollar
Chart Patterns Technical Indicators Forex forextrading forexsignals trading Technical Analysis Descending Triangle
5
0
chartpattern indicator forex forextrading forexsignals trading technicalanalysis descendingtriangle
After the blow off top at around 1.46$ we seem to have found a support on the 50 MA on the daily timeframe @ 1.39$. The overall trend is bearish as we have been forming a descending triangle for the past couple weeks, which explains the tight stop-loss at around 1.3875. That being said we have been selling off this whole week totaling at around 3% so I expect a little breather to the 1.40 range before further downside movement.

I'm personally looking to enter next trading week but I do have I buy order at 1.39. Cheers.
TP @ 1.403
SL @1.3875
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