USDCAD Potential Long opportunity
Hey guys,
Looking at USDCAD, late last week we saw a huge move to the downside. I expected it to move downwards to my zone (orange box), but not as quickly as it did. Now i'm looking long around this area. We'll see what price decides to do here. Overall this pair is still an uptrend, even though we're seeing consolidation currently. I'm going to take this trade Monday/Tuesday depending on price action. We could see this pair go into the 1.300 realm. I'll be watching this like a hawk.
First TP would be the 38.2, second one would be the 61.8. Right around the weekly resistance.
Happy trading guys
Looking at USDCAD, late last week we saw a huge move to the downside. I expected it to move downwards to my zone (orange box), but not as quickly as it did. Now i'm looking long around this area. We'll see what price decides to do here. Overall this pair is still an uptrend, even though we're seeing consolidation currently. I'm going to take this trade Monday/Tuesday depending on price action. We could see this pair go into the 1.300 realm. I'll be watching this like a hawk.
First TP would be the 38.2, second one would be the 61.8. Right around the weekly resistance.
Happy trading guys
Comment:
Our stop loss was wicked and then this pair took off! Kind of disappointed that we didn't make any profit on this trade, but glad the bias was correct!