UnknownUnicorn772665

USDCAD Long Trade *SUPPORT ZONE*

Long
OANDA:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD has reached the 1.38600 support zone and is showing signs of rejection. If bullish candle closures remain then I can see buying at these levels should prove profitable.

There is a 1hr bearish trend in play (trendline shown) so watch for price reactions there. If that TL breaks to the upside then 1.40200 and even 1.42500 could be achieved.

The dollar us always in demand in times of global uncertainty and we are definitely in that right now.

Stop losses should be placed conservatively below the wicks testing this support zone .
Trade active
Comment: Price stalling at the bearish TL. Take some risk off/make breakeven if you wish. It should break it later
Comment: Nice break above TP1 resistance zone at 1.40200. I have taken some profits and will hold the remainder of the trade open.

Next target is 1.42500
Comment: Nice bull flag pattern formed and price looks to be continuing to the upside now. Same target as before @ 1.42500

Comments

If I would be looking to buy, would I wait for it to break the trend line (where your circle is marked) then consider to find an entry?
+1 Reply
@roostyroo25, I think you will likely see a higher low form around 1.40200 and buyers come in there. Look for rejection candles to form. If it breaks below 1.40200 then a TL retest would be another potential entry yes.
+1 Reply
@roostyroo25, 1.40200 level held strong. Not sure if you bought in or not... I am expecting this to go up to 1.42500 next
Reply
On fire now
+1 Reply
@paulbt38, Lovely moves. Good profits so far
Reply
going all the way up
+1 Reply
@FXKing009, Lovely little trade so far
Reply
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