Long Opportunity for USD/CAD
Updated
USD/CAD is currently in an uptrend, and the analysis suggests a promising opportunity for a long trade. The key area to watch is the zone between 1.37863 and 1.37787, where there's a potential for a retest.
If the price revisits this zone and demonstrates a clear bullish bias along with entry confirmation, it presents an attractive long trade opportunity. The target for this trade is set at 1.38137, which corresponds to a daily resistance level.
Keep a close eye on price action to identify the entry confirmation, and if conditions align, consider taking a long position to potentially reach the 1.38137 target.
It's important to exercise prudent risk management and remember that trading carries inherent risks. This idea is not financial advice, so conduct your own research, evaluate your risk tolerance, and consider seeking guidance from a professional financial advisor if necessary.
If the price revisits this zone and demonstrates a clear bullish bias along with entry confirmation, it presents an attractive long trade opportunity. The target for this trade is set at 1.38137, which corresponds to a daily resistance level.
Keep a close eye on price action to identify the entry confirmation, and if conditions align, consider taking a long position to potentially reach the 1.38137 target.
It's important to exercise prudent risk management and remember that trading carries inherent risks. This idea is not financial advice, so conduct your own research, evaluate your risk tolerance, and consider seeking guidance from a professional financial advisor if necessary.
Trade closed: target reached
Unfortunately, our first trade hit the stop loss just 45 minutes after we entered. However, due to the persistent bullish bias in the price, I decided to wait and re-enter the trade at 1.37784 with a 10-pip stop loss. After 4 hours, we successfully reached the target at 1.38137, which was the daily resistance, securing a profit of 35 pips.
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