USDCAD Long Trade *SUPPORT ZONE*
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.
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
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
