Consider entering a long trade if USD/CAD holds above 1.3550 and shows signs of a bullish reversal, such as a trendline breakout or bullish candlestick patterns.
Stop-Loss: Place a stop-loss below the support level, around 1.3530, to limit potential losses.
Take-Profit: Set a take-profit target at the next resistance levels, initially at 1.3660 and
potentially extending to 1.3740 if the bullish momentum continues.
Ensure proper position sizing to manage risk, not risking more than 1-2% of your trading capital on a single trade. Actively monitor the trade, and adjust the stop-loss to breakeven once the price moves significantly in your favor to lock in profits and minimize risk.
A long trade in USD/CAD can be justified by combining technical indicators pointing to a potential bullish reversal with supportive fundamental factors. Continuous monitoring of economic data and market conditions is crucial to adapt to any changes promptly. This approach ensures a well-rounded and strategic entry into a long position.
Stop-Loss: Place a stop-loss below the support level, around 1.3530, to limit potential losses.
Take-Profit: Set a take-profit target at the next resistance levels, initially at 1.3660 and
potentially extending to 1.3740 if the bullish momentum continues.
Ensure proper position sizing to manage risk, not risking more than 1-2% of your trading capital on a single trade. Actively monitor the trade, and adjust the stop-loss to breakeven once the price moves significantly in your favor to lock in profits and minimize risk.
A long trade in USD/CAD can be justified by combining technical indicators pointing to a potential bullish reversal with supportive fundamental factors. Continuous monitoring of economic data and market conditions is crucial to adapt to any changes promptly. This approach ensures a well-rounded and strategic entry into a long position.
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