Trading Idea : USDCAD Intraday Long
This trade is based on a confluence of technical indicators suggesting a potential upward move in USDCAD on an 1hr timeframe.
Rationale:
The pair experienced a breakout above the 1.44 level, indicating strong bullish momentum.
Following the breakout, the price has retraced, pulling back to the 50% and 61.8% Fibonacci retracement levels. These levels are considered key support zones in an uptrend.
Additionally, the price is finding support along an established upward trend line, further reinforcing the bullish bias.
Trade Setup:
Entry: 1.43202. This entry point aligns with the Fibonacci retracement and trend line support.
Stop Loss (SL): 1.43042. This stop loss is placed below the Fibonacci retracement and trend line support, protecting against potential downside risk.
Take Profit (TP): 1.43581. This target represents a potential upward move following the retracement and aligns with intraday volatility.
Key points:
The combination of a breakout, Fibonacci retracement, and trend line support creates a strong technical case for a long position.
This is an intraday trade, so quick execution and monitoring are essential.
As always, consider current market conditions and news events before entering the trade.
This trade is based on a confluence of technical indicators suggesting a potential upward move in USDCAD on an 1hr timeframe.
Rationale:
The pair experienced a breakout above the 1.44 level, indicating strong bullish momentum.
Following the breakout, the price has retraced, pulling back to the 50% and 61.8% Fibonacci retracement levels. These levels are considered key support zones in an uptrend.
Additionally, the price is finding support along an established upward trend line, further reinforcing the bullish bias.
Trade Setup:
Entry: 1.43202. This entry point aligns with the Fibonacci retracement and trend line support.
Stop Loss (SL): 1.43042. This stop loss is placed below the Fibonacci retracement and trend line support, protecting against potential downside risk.
Take Profit (TP): 1.43581. This target represents a potential upward move following the retracement and aligns with intraday volatility.
Key points:
The combination of a breakout, Fibonacci retracement, and trend line support creates a strong technical case for a long position.
This is an intraday trade, so quick execution and monitoring are essential.
As always, consider current market conditions and news events before entering the trade.
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.
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.