Get started
forexwithfred

USD/CAD - Buy Opportunity Within Ranging Channel

Long
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
forexwithfred Updated   
FX:USDCAD   U.S. Dollar / Canadian Dollar
Trend Analysis Chart Patterns Wave Analysis USDCAD usdcadidea usdcadlong usdcadshort USD Technical Analysis
16
4
trendanalysis chartpattern waveanalysis usdcad usdcadidea usdcadlong usdcadshort usd technicalanalysis
Hello Traders!,
We're expecting more USD weakness for this trading week as we look ahead to see what pairs can be traded against USD, here we have a great opportunity to take advantage of some short-term range within a channel down.
What Is The Market Telling Us?
  • We could be in a bullish trend for the long term as there's been a pivot point @1.33500 level
  • Price has been ranging within our channel for just about two weeks, giving us a strong indication that the channel is being respected
  • Bullish crossover of moving averages is incoming which could give us a sign that price is heading towards the channel resistance
When Should We Enter?
  • We can wait for a pure retest of our support level @1.35300 followed by bullish signals (candlestick pattern etc) before BUYING
    If we do not get a valid retest of our support, we can wait for price to violate our recent high of @1.35600, (BUY STOPS etc)
Trade closed: target reached:
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.