USDCAD> Classics Trend Line Support Buy Setup!!
Analysis on #USDCAD
The USDCAD is near its daily trend line support and might see a pause in here to explore buyer and seller interest in the pair, I have been eyeing this setup for a confirmation to get in buy but it kept falling to the downside below 1.2600 key support level.
We all know the correlation between oil and CAD strength, and if the oil market keeps on rising it would be irresponsible action to try and short the CAD, keep that in your mind.
Trading Plan:
>> If the USDCAD finds a real buying here and show me some bullish behavior, provided a reversal pattern on the lower time frame I will then look to get in a good buy trade with good reward to risk if the rules for entry are met
>> Alternative plan is if the market falls down to test 1.2500 we can look to fore a buy near that zone which i will talk about in time
⚡ Be aware due to the global tension we currently live In, markets are not following or respecting chart patterns and technical analysis.
________________________________________
💭 | Comment your thoughts below, I always answer.
📥 | Feel free to message me if you have any questions.
Thanks for your continued support!
The USDCAD is near its daily trend line support and might see a pause in here to explore buyer and seller interest in the pair, I have been eyeing this setup for a confirmation to get in buy but it kept falling to the downside below 1.2600 key support level.
We all know the correlation between oil and CAD strength, and if the oil market keeps on rising it would be irresponsible action to try and short the CAD, keep that in your mind.
Trading Plan:
>> If the USDCAD finds a real buying here and show me some bullish behavior, provided a reversal pattern on the lower time frame I will then look to get in a good buy trade with good reward to risk if the rules for entry are met
>> Alternative plan is if the market falls down to test 1.2500 we can look to fore a buy near that zone which i will talk about in time
⚡ Be aware due to the global tension we currently live In, markets are not following or respecting chart patterns and technical analysis.
________________________________________
💭 | Comment your thoughts below, I always answer.
📥 | Feel free to message me if you have any questions.
Thanks for your continued support!
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