#USDCAD Analysis on daily time frame
1. Price is approaching a strong resistance zone on the daily.
2. Dollar index in due for a correction after this very sharp move up.
3. Price of #USDCAD will still go up to current resistance level probably, and will also get a bit higher than last resistance level in order to collect liquidity.
4. Then a sharp move down might be witnessed.
so in short, in the short term, price is good for buys if I am scalping and good for sells after getting necessary confirmation if I am swing trading.
Taking swing trades like this one requires a high risk per trade since they are not taken everyday. I would risk 4% of my capital for a reward of around 10% to 11%.
This is not a financial advise, I am just telling you how I personally would go about this trade, please trade at your own risk.
#Forex #EURUSD #DXY #GBPUSD #USDCAD #XAUUSD #Swingtrading #scalping
2. Dollar index in due for a correction after this very sharp move up.
3. Price of #USDCAD will still go up to current resistance level probably, and will also get a bit higher than last resistance level in order to collect liquidity.
4. Then a sharp move down might be witnessed.
so in short, in the short term, price is good for buys if I am scalping and good for sells after getting necessary confirmation if I am swing trading.
Taking swing trades like this one requires a high risk per trade since they are not taken everyday. I would risk 4% of my capital for a reward of around 10% to 11%.
This is not a financial advise, I am just telling you how I personally would go about this trade, please trade at your own risk.
#Forex #EURUSD #DXY #GBPUSD #USDCAD #XAUUSD #Swingtrading #scalping
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.