USDCAD POTENTIAL LONG OPPORTUNITY
HELLO MY PEOPLE! Hope everybody is doing absolutely fantastic! Just wanted to get on here and make a post on what I see for the potential future here on USDCAD. I know you guys are probably thinking...didn't you just make a post about shorting this pair like a few weeks ago? YES...yes I did...but things DO CHANGE in the markets and for me personally things have shifted recently and that is WHY I am now having the bias I do about going LONG. So lets dive in!
OK so on the higher TF charts (monthly, weekly) USDCAD is coming near a multi-month supply/resistance zone that has held for a long time since 2022. But what really caught my attention was how these buyers recently really picked up on this pair...slicing through the daily supply zone around 1.3600-1.37000 like butter. What this shows me is a dominance with the buyer and potentially what could be a shift here to the upside..at least for the next few weeks or so..
So based on that happening with price what I am waiting to see is how this seller responds (which will show me if they still want price or if its too expensive for them) and ultimately give me the price action confirmation that the buyer is more dominant here and demand supersedes supply. Which in the case of buying for us would be great!
I also am getting a lot of technical confluence for the daily demand that I have marked off with the 200 EMA and fib discount levels sitting right in the zone. So highly probably opportunity here
Just wanted to share hope you guys enjoyed please BOOST the post and FOLLOW my page for more high quality content! Cheers! God Bless
OK so on the higher TF charts (monthly, weekly) USDCAD is coming near a multi-month supply/resistance zone that has held for a long time since 2022. But what really caught my attention was how these buyers recently really picked up on this pair...slicing through the daily supply zone around 1.3600-1.37000 like butter. What this shows me is a dominance with the buyer and potentially what could be a shift here to the upside..at least for the next few weeks or so..
So based on that happening with price what I am waiting to see is how this seller responds (which will show me if they still want price or if its too expensive for them) and ultimately give me the price action confirmation that the buyer is more dominant here and demand supersedes supply. Which in the case of buying for us would be great!
I also am getting a lot of technical confluence for the daily demand that I have marked off with the 200 EMA and fib discount levels sitting right in the zone. So highly probably opportunity here
Just wanted to share hope you guys enjoyed please BOOST the post and FOLLOW my page for more high quality content! Cheers! God Bless
Comment:
sellers are moving slow to level so far
Comment:
personally not liking how the daily looks but the lower timeframes still look OK in terms of momentum...keeping an eye out!
Trade active:
USDCAD performing from overall demand..up 100 pips...cheers!
Trade closed: target reached:
Target 1 Zone reached...nice setup..cheers!