USDCAD has a very peculiar configuration this week.
The support at 1.31220 was violated on Thursday, but the Bulls came into the game to bring it up above it again.
Nevertheless, another bearish bar closed just below it on Friday.
Macro and Cyclicity are expecting a signal to go LONG.
Interesting to watch and see whether this takes a clear position either LONG or SHORT.
In both cases we should have margin for a TP1 of about 100 PIPs and a TP2 of about 200 PIPs with even more possibility if the starting trend is strong, as you can see in the #support #resistance levels highlighted in the chart.
Prices refer to this chart and may vary with other platform/brokers.
I always discuss and follow up these ideas on my blog.
The support at 1.31220 was violated on Thursday, but the Bulls came into the game to bring it up above it again.
Nevertheless, another bearish bar closed just below it on Friday.
Macro and Cyclicity are expecting a signal to go LONG.
Interesting to watch and see whether this takes a clear position either LONG or SHORT.
In both cases we should have margin for a TP1 of about 100 PIPs and a TP2 of about 200 PIPs with even more possibility if the starting trend is strong, as you can see in the #support #resistance levels highlighted in the chart.
Prices refer to this chart and may vary with other platform/brokers.
I always discuss and follow up these ideas on my blog.
Trade active:
#USDCAD boomed up...
Entered LONG ~1.30695
TP_1 ~1.32360
Half trade still open to look for long-term trend.
Entered LONG ~1.30695
TP_1 ~1.32360
Half trade still open to look for long-term trend.