Pair:FX:USDCAD Timeframe: D1 - Long Term (LT) Direction: Short
Technical Confluences for Trade: - Stochastics are in Overbought Conditions on D1, H4 and H1 time-frames - Price action is at the top-end resistance of a parallel channel - Horizontal trendline looks like a supply zone across few periods - Aiming for the 32.8% Fibo Retracement with 23.6% as the TP 1 level
Fundamental Confluences for Trade: - A strong oil story from ongoing geopolitical risks is a strong story for CAD's economy to remain their hold on interest rates while US's reflation story has been priced in by markets - Risk is further war escalation from the Israel-Iran tension which continue the rush to safe-havens like USD or JPY.
Suggested Trade: Entry @ Area of Interest 1.3750 - 1.3850 SL @ 1.3898 TP 1 @ 1.3640 (TP Half-Position & move SL to Entry level for B/Even once TP1 is achieved) TP 2 @ 1.3567 Risk-to-Reward @ Approx. 2.08 (Depending on Entry Level)
May the pips move in our favor! Good luck! :D
*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and am not responsible for any losses derived from it.
Comment
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Resistance Trendlines are holding up at the moment. Good entry if you have yet to enter. SL levels remain the same.
Comment
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Price is close to TP1 levels. Can TP for half the position and move S/L to Breakeven levels.
I don't see price reaching your take profits level, I will keep an eye out for 1.4000 price
weekendanalyst
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@merrimen, yeah but no worries, currently the trade is considered Breakeven already the SL is moved to Breakeven and half position closed. If it reverses, may create a better next entry :D