Price has reached an area of support where it has rejected from in the past
Currently waiting for a structure break on a lower timeframe to enter a long position
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USDCAD is testing pivotal support sited at 1.2450, this area represents the equality objective versus the B wave high at 1.2896 and the 50% retracement of the advance from the May lows, watch for bullish reversal patterns here to set long positions targeting a move to test 1.3350
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Spotted the end of an ABCD pattern, which could result into some bullish action on USDCAD. RSI looks good and healthy, on the bullish side. I have open TPs for this idea. Also, look at the accumulation/decision zone in the rectangle. USDCAD should make a move fairly soon. Good luck catching it and may price action (PA) be on your side! :)
USDCAD (LONG)- If all the Support holds in place.
If we see the support broken out then we could see the shift in the trend.
I marked the TP 1, TP 2 , TP 3 and EXIT (SL) on the chart.
(THIS IDEAS VALID NEXT 24 HOURS)
welcome to another free trading-setup. After a successfull LONG I`m planning to short this baby for a pullback or to follow the current trend!
Point of Risk-Reduction: 1.26180
Stop-Loss: 33 pips
Risk: 0,5% -1%
This pair is itching to break out of this zone, so much built up liquidity has been created around this region that.
I assume price will trap traders who are attempting to sell the breakout before returning down to the demand zone to collect buy orders as illustrated.
Apologies for not updating, but promise it's all consistency from here on out. Bullish biast on the USDCAD, waiting for buy opotunities, seeing a nice risk reward to the upside, with a few pips to be collected