forexTrdr
Long

forexTrdr USDCAD- 170 PIPS PROFIT EXPLOSION ABOUT TO REPEAT?

FX:USDCAD   U.S. Dollar / Canadian Dollar
Afternoon traders,

After a big number on US Non farm payroll data surprised the market on Friday and threw the market into doubt over whether the US central bank , the fed, will cut rates at the next meeting giving the US dollar a bounce in strength into the weekend against market expectations. We are looking at a long setup in USD versus Canadian dollar with the pair slowing and bouncing off February's low resistance levels as highlighted in our trading view chart.

We have also highlighted how oversold the pair are on stochastic and rsi indicators with. We have highlighted on the Stochastics the last time the pair hit this level and resulted in a 172 pip move higher. We are therefore targeting a move to low to mid 1.32 area and at the same time place a stop loss just under the recent lows skewing the risk reward in our favor on a 3.8 basis. We recently had a doji form on daily candles suggesting we have reached a near term low as selling volume matched off against buying volume which generally points to a change in direction nearterm.


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Good luck trading

from the Team at forexTrdr
Trade closed: target reached: Closed out at take profit 1 locking in 24 pips.

Had traded as high as 50 pips from entry before pulling back on Powell comments
Trade active: Re- entering as it retests lows and forms Bullish Harami on 4 hourly
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