USD/CAD Trend reset - Buy Continuation
Momentum preceeds prices!
The USDCAD has had a trend reset (Secondary Trend), which is key to the Up-trend continuation.
The structural point for trend reversal is 1.3656, we want to see a second breakdown below the structure without breaking below 1.3624. A trade back above 1.3656 will be the first buy, confirmation will be a trade above 1.3671.
In terms of Target, we will use the Fibonacci retracement from the low to the high of 3.
Target 1: 1.3780
Target 2: 1.3838
Initial Stop Loss: 1.3624
The USDCAD has had a trend reset (Secondary Trend), which is key to the Up-trend continuation.
The structural point for trend reversal is 1.3656, we want to see a second breakdown below the structure without breaking below 1.3624. A trade back above 1.3656 will be the first buy, confirmation will be a trade above 1.3671.
In terms of Target, we will use the Fibonacci retracement from the low to the high of 3.
Target 1: 1.3780
Target 2: 1.3838
Initial Stop Loss: 1.3624
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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.