🔥 NEW: USDCAD...LONG 🔥 SWING 🔥
Updated
RESISTANCE (major) @ 1.3550
RESISTANCE (minor) @ 1.3466
TP2 @ 1.3550 (closing ALL Buy Orders)
TP1 @ 1.3466 (shaving 50%)
BSO @ 1.3300 ⏳
The USD against the CAD has been trading in a downtrend for the past few months, and it is currently approaching the major resistance level of 1.3550. If the price respects this level, it could signal a reversal in the trend and a continuation of the downtrend retracement that began in mid-October 2022. Also, there is a minor resistance level at 1.3466, which I believe will cause a pullback, so I'm going to shave off some profit and hold my remaining position up to major resistance. Ultimately, the direction of the USDCAD will depend on market sentiment and the outcome of various economic events.
ADDITIONAL INFO:
—If the US Federal Reserve raises interest rates more aggressively than the Bank of Canada, it could put upward pressure on the value of the USDCAD.
—If the US economy continues to grow at a faster pace than the Canadian economy, it could also put upward pressure on the value of the USDCAD.
RESISTANCE (minor) @ 1.3466
TP2 @ 1.3550 (closing ALL Buy Orders)
TP1 @ 1.3466 (shaving 50%)
BSO @ 1.3300 ⏳
The USD against the CAD has been trading in a downtrend for the past few months, and it is currently approaching the major resistance level of 1.3550. If the price respects this level, it could signal a reversal in the trend and a continuation of the downtrend retracement that began in mid-October 2022. Also, there is a minor resistance level at 1.3466, which I believe will cause a pullback, so I'm going to shave off some profit and hold my remaining position up to major resistance. Ultimately, the direction of the USDCAD will depend on market sentiment and the outcome of various economic events.
ADDITIONAL INFO:
—If the US Federal Reserve raises interest rates more aggressively than the Bank of Canada, it could put upward pressure on the value of the USDCAD.
—If the US economy continues to grow at a faster pace than the Canadian economy, it could also put upward pressure on the value of the USDCAD.
Trade closed: stop reached
Yesterday, USDCAD experienced a strong upside movement. The pair reached a high of 1.3355 before pulling back to our Buy Stop Order. But NOT before hitting my +SL @ 1.3305. This is a good example of how important it is to use a manual trailing stop to protect your principle and capture some profit.
I'll be posting a new chart soon.
Note
My +SL @ 1.3305 was triggered for a profit of +5 pips.
Professor C. E. Ward
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