USDCAD: Key Support Zone to Watch for Longs
Updated
Yesterday markets closed and left us with an open position at USDCAD having already booked more than 150pips as the double top pattern has worked wonders (link below). Definately there is more room to the downside for more profit to be made.
In this post what we easily see is that as price drops it is heading towards a key support level which consists of the sliding parallel of the upsloping median line set and previous structure. RSI is oversold - another sign that sooner or later sellers will give up pushing USDCAD to the down and a reversal might occur.
So in case we see price reaching the 1.30600 level we should close our sell trades from previous post and start looking for a buy setup completion.
As always I will update this post when a setup comletes..!
In this post what we easily see is that as price drops it is heading towards a key support level which consists of the sliding parallel of the upsloping median line set and previous structure. RSI is oversold - another sign that sooner or later sellers will give up pushing USDCAD to the down and a reversal might occur.
So in case we see price reaching the 1.30600 level we should close our sell trades from previous post and start looking for a buy setup completion.
As always I will update this post when a setup comletes..!
Note
Price pulled back developing a corrective structure and it's now following it's initial downmove. Keep in mind that since we aim for the sliding parallel of the median line set, our tp is moving up as price delays reaching it. So at current level we aim for 1.30770Note
Price reached previous structure as highlighted in our post. Start watching for support at current level
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