USDCAD has reached the strong support Line.
It's good to buy now?
Let's see the previous price. We have same history of price before (Feb 2018)
We can use Buy opportunity.
Use the lower time frame to identify candle stick bullish confirmation.
If you have any idea, leave comment below and give like.
message me or hat for discussion.
We had a huge run on stops yesterday using the market exucse of the Johnson & Johnson issue. This has now set the tone for the rest of the trading week. USDCAD should collapse after retracing slightly to collect orders.
Key area for USDCAD here @ 1.3050-60 area as we have bounced off the key 92.48 support in DXY index. Provided that the level holds, we should see a bounce off these lows in USDCAD and a rally towards the 1.3137 fibbo resistance or even towards the 1.3190 level.
From a risk reward point of view, dollar looks oversold here with an RSI around 28 reflecting a turn in...
We can see in the chart price failed to break through support and was pushed to its next support level where it fell through.
I am waiting for price to break through the area before buying to my initial target
We can also look for an additional buy opportunity at the previous support (now resistance) level
As you can see from the chart when price falls below this level of support it shoots up and hits the highlighted level of resistance so we will look for buys in the support area.
There is alot of divergence on the 4H so i believe this will be the last push to the upside.
Once the higher level of resistance is broken, we wait for a retest and buy again!