Long USDCAD
Updated
Range trade taking shape, potential for rise towards wedge resistance line, divergence showing on RSI supportive of possible reversal or breakout from there, excellent risk reward on the trade setup, i'm long from 1.32397, s/l at 1.32247 for 15 pips risk and potential for large reward
1) stay long if it breaks out of the triangle formation and/or
2) reverse position or cover by entering short at upper resistance line for breakout below triangle
1) stay long if it breaks out of the triangle formation and/or
2) reverse position or cover by entering short at upper resistance line for breakout below triangle
Note
Lower wedge support broken. Close out if still in the trade and enter short with S/L @ 132.55
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.