USDCAD 1H-TIMEFRAME ANALYSIS
Hello ladies and gentlemen
This is my new idea for USDCAD
My idea is that the pair will continue to uptrend
I hope my idea is clear
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USDCAD is going to rally to either the first second or third TP zone shown above. It is displaying the Wyckoff accumulation phase on the H1... It should carry on and play out a buy( Phase E) before reaching it's turning point for a potential sell, which is my tp3. Risk to reward ratio on this trade is exceptional and please use proper risk management. Safe Trading ;)
USDCAD is moving in an upward trend making higher lows and testing new support. I would not go long to the highest point because it is Friday and I don't want to get caught up in between when the market opens up and other factors. Target was previous high with a little push. Now let's see how this baby does.
Read Price-Action at trendline prior to executing Short entry.
Note: Idea is to complement your research.
Check comments section for future updates on idea.
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Thank you and happy trading.
USDCAD will not break above $1.36664 because of no recent attempt to do so. The last time prices were that high was last june and they did not stick there for very long. I am goimg short on this one as i am following the primary movement of price. I have no confidence in this awaited Bullish breakout because prices have - most of the time trending below $1.13037,...
Price has been pushing down while forming LHs and LLs on the smaller time frame, my entry was based on the H4 close which broke 1.34200 and pushed up for liquidity forming another LH on H1 as it retested it's broken support. My goal is to ride the current market momentum to the daily demand zone for a 1:3.
Chart is an expectation of market setup via gartley pattern.
If market hits target C then;
* SELL at 1.32839
* TP1 at 1.33311
* TP2 at 1.32911
* SL at 1.33800
Note - TP2 at target D in pattern.
If market hits target D after selling at C then;
* BUY on D at 1.32911
* TP1 at 1.33311
* TP2 at 1.33558
* SL at 10-20 pips below X (1.32839)
Note - TP1...
I think we have reached leg B and now heading up to C but of course market could still retrace back to B or even a bit further down before heading up. My labelled zones are only a rough idea of where i think the market may touch. Decide on your own Entry & Exit.
Please note that this chart is an opinion based chart only. Please trade at your own risk