#163 USDCAD Long (Buy) Trade Setup Idea

USDCAD has broken a daily support level and is now falling to a key demand level where we can expect some kind of a rejection. If price action permits, we can look to this level for a potential buy opportunity and aim for a test of the previous support, now turned resistance. If that level does not hold, then we can continue to hold our longs for higher highs on the daily timeframe.

This setup gives a great risk:reward.

Order cancelled:

Whilst it's on track to hit the target, the demand zone did not hold and for this reason, this setup is invalid.