USDCAD POSSIBLE LONGGood night traders,
After the break on the bigger structure, the opportunity for a long position could not be unseen.
What we want here is a break in this smaller structure, since we are in a correction.
Before entering we would have to have a good impulsive candle.
After that impulsive candle, we could open a long position and set our TP at the beginning of the bigger structure!
Best of lucks,
GlobalYouthTrading
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Usdcadsetup
Potential USDCAD Buy Swing Position 200+ PipsGood Afternoon Traders, Forex Fargo checking back in!
Today our analysis is on USDCAD.
The overall trend for this pair seems to be in a slow Bullish incline.
With that being said, there seems to be a potential for a VERY good Long Swing Position if entered correctly.
My prediction is that from a 4H and Daily TF, you are able to see what looks like an inverted head and shoulders.
Please refer to chart for more details on where placement is.
As always, Monthly Resistance Level is set at 1.36500.
And as for, Monthly Support Level is set at 1.30500.
The neckline for the pattern is marked off as the Weekly Resistance Level at 1.33200.
Weekly Support Level is marked off at 1.31000.
Once price enters my Demand Zone (1.31800-1.32000), I will look to enter the trade as follow.
Entry @ 1.31800-1.32000 (20 Pip Entry)
Stop Loss @ 1.31500 (30-50 Pips)
TP1 @ 1.33200 (110 Pips)
TP2 @ 1.35000 (300 Pips)
RR is 2:1 and 10:1.
HAPPY TRADING!