USDCAD has found its support on the support line. This would make WAVE 7 become possible. And this is going to send price up to the blue top. The first position looking now is 1.322.
Our last idea is not valid anymore because that channel cant stop price to move up.
Less is more!
Comment
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Trade closed: target reached
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wave 7 hit target zone. And short trade has triggered already.
Thanks for sharing Vera.. Another great trading idea thanks
easyMarkets
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Nice idea on USDCAD and there may be potential gains as you have identified by going long. For our set up, we have identified the key resistance and support levels. Currently, price is approaching our first support at 1.3056. It is a horizontal overlap support, 61.8% fibonacci retracement and a 61.8% fibonacci extension. Stochastic is approaching support and we might see a corresponding bounce in price. If a corresponding bounce does occur, we may want to take a look at the 1.3177 resistance level. It is a horizontal swing high resistance, 100%, 61.8% fiboancci extension and a 78.6% fibonacci retracement.
Please take a look at our idea and share with us what you think.
FUNTRADER-Vera
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@easyMarkets, yes, your chart looks amazing. It could go up to 1.317 first.
Thank you for sharing your idea hear.