For those that follow me... I have been heavily trading USDCAD on the buy side recently. Intraday and swing trade entries have been showing up but the lower timeframes have been choppy.
Here is what I believe to be a solid swing trade set up based off the daily timeframe. With a conservative 60 pip stop loss and target profit at previous daily/weekly highs, there is an R:R of 5:1
My reasons for entry are:
- Weekly bounce of bullish trendline. - Daily higher high and now higher low - Daily 50 ema acting as a dynamic support - Daily is bouncing off the Fib 0.618 retracement level - Multiple bullish wick rejections