garhi86

USDCAD LONG POTENTIAL

Long
FX:USDCAD   U.S. Dollar / Canadian Dollar
I was monitoring this last week looking for a potential reversal to go long to 1.3700, but would be monitoring closely around the 1.3590's as there is strong support there but i am inspecting a new higher high there if even by only a few pips.

strong previous resistance around the 78.6% fib level which was a former resistance.
on the 8H charts this level has been tested but pulled back on 3 occasions, will be looking for a breakout from this area before entry but can still get a nice 1:2.5 risk reward from here.

Will all depend on market open and price action.
Should see some big moves around middle to the end of the week.

happy trading, peace !

Trade active:
Comment:
Order cancelled: awaiting breakout from an accumulation area i am watching
Comment: very hesitant to enter a trade until price breaks out, i still think we may see a move towards 1.3400 where i would look for shorts.

can see there being some serious stop hunting both ways though before we see the genuine trends so protect your accounts
Comment: