USDCAD - TRIO RETEST 3️⃣

May 7

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

📈 USDCAD has been overall bullish, trading inside the rising channel in blue.

At present, USDCAD is undergoing a correction phase, trading within the short-term falling channel in red, and it is currently approaching the lower bound of the channel.

Moreover, it is retesting a strong resistance turned support highlighted in green.

🏹 Thus, the highlighted blue circle is a strong area to look for buy setups as it is the intersection of the green support and lower blue/red trendlines.

📚 As per my trading style:
As #USDCAD approaches the lower blue circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich

May 8

Trade closed: target reached