USDCAD: keep an eye on this interesting long opportunity!
Hello, everybody, and welcome to my TradingView’s profile, my name is Gianni and today I’m going to analyse the asset, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.
My ideas are for those who are interested in improving their financial education and for those who are looking for new trading opportunities, according with their own strategies.
Weekly timeframe:
Daily timeframe:
4 hours timeframe:
1 hour timeframe:
Since a while, the USDCAD has been following a downtrend, correctly moving inside this big moving value area.
The poor trading activity on the lower part of the value, usually is a clue that the downtrend is not that healthy and it’s near to finish its current movement.
However a shifting of trend (at least for a short term), is quite high, considering many rejections on the daily time frame and a possible rejection on the major key level!
At the moment, the price has just broken up the channel to the upside and the next price action around the current level will definitely give us a better idea about its next movement.
When, where and why would I step into the market?
Considering the overall situation, I will be looking for a short term long position.
The idea of this trade, is about to wait for a retracement of the price, looking for a possible rejection on the top value of the channel (dynamic trendline).
If this scenario will develop on the chart, I will then be looking for a good entry point.
My SL would be around a possible low swing that the market will form, and the TP around its next resistance level. Any breakout to the downside or a retest around the demand zone, would temporarily invalidate this trade idea.
If you enjoy this trade idea, please support my work with a thumb up and don’t forget to follow my profile for more detailed market analyses!
Trade safe and responsibly,
My ideas are for those who are interested in improving their financial education and for those who are looking for new trading opportunities, according with their own strategies.
Weekly timeframe:
Daily timeframe:
4 hours timeframe:
1 hour timeframe:
Since a while, the USDCAD has been following a downtrend, correctly moving inside this big moving value area.
The poor trading activity on the lower part of the value, usually is a clue that the downtrend is not that healthy and it’s near to finish its current movement.
However a shifting of trend (at least for a short term), is quite high, considering many rejections on the daily time frame and a possible rejection on the major key level!
At the moment, the price has just broken up the channel to the upside and the next price action around the current level will definitely give us a better idea about its next movement.
When, where and why would I step into the market?
Considering the overall situation, I will be looking for a short term long position.
The idea of this trade, is about to wait for a retracement of the price, looking for a possible rejection on the top value of the channel (dynamic trendline).
If this scenario will develop on the chart, I will then be looking for a good entry point.
My SL would be around a possible low swing that the market will form, and the TP around its next resistance level. Any breakout to the downside or a retest around the demand zone, would temporarily invalidate this trade idea.
If you enjoy this trade idea, please support my work with a thumb up and don’t forget to follow my profile for more detailed market analyses!
Trade safe and responsibly,
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