USDCAD ready to move back up?
Hi Guys,
The USD CAD pair has reached a support level where we could see a nice bounce from.
The chart has a blue box that highlights that level which is also a demand zone and an area to which price has made moves from in the past.
There is also a falling wedge leading into the zone, which can lead to big moves after breaking out.
There is a double bottom completed on the 1 hour chart as of writing with a hammer candle .
The pair is also very far from its 50DMA ( orange line on chart), suggesting pullback to the 50MA is due soon. There is also a trend line zone that can be drawn from previous lows that price is close to and the red line that the pair is currently at is the important AVWAP from the lows in July of 23. All in all enough confluence to suggest we could get a good long trade out of here.
Waiting for break of trendline and aggresive entry or retest of the break area and candlestick or chart patterns on lower time frame could lead to nice risk to reward trade.
Safe trading all.
The USD CAD pair has reached a support level where we could see a nice bounce from.
The chart has a blue box that highlights that level which is also a demand zone and an area to which price has made moves from in the past.
There is also a falling wedge leading into the zone, which can lead to big moves after breaking out.
There is a double bottom completed on the 1 hour chart as of writing with a hammer candle .
The pair is also very far from its 50DMA ( orange line on chart), suggesting pullback to the 50MA is due soon. There is also a trend line zone that can be drawn from previous lows that price is close to and the red line that the pair is currently at is the important AVWAP from the lows in July of 23. All in all enough confluence to suggest we could get a good long trade out of here.
Waiting for break of trendline and aggresive entry or retest of the break area and candlestick or chart patterns on lower time frame could lead to nice risk to reward trade.
Safe trading all.
Note
Trying to break out on the hourly ... wait to see at end of the hour
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