Long USDCAD
USD is currently oversold having reached a resistance level. Even though the long term trend is down, we are likely to see a pull back towards the 36 day trendline. Recently, the pair has made a Higher Low on a daily basis, with the 8 hour Donchian channel failing to breach the last major low. Target 80 pips.
Trade active
Still working it's way in the lows, USD is struggling to go below 1.3150. A break above 1.32 would confirm an uptrend. Meanwhile, scaling in on a minute chart can provide a good entry price.Trade active
1.3200 breached. Raised stop level to 1.3175.Trade closed: stop reached
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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.