Trade Idea: Will USDCAD Break Into New Ground?
Important note on charts:
It’s imperative to your trading success, you are trading with a broker that offers “New York Close Forex Charts” where each daily candle opens and closes at 5 pm EST. This is essential with trading price action correctly.
Trade Setup Disclaimer:
All my trade setups provided, is not advice or a recommendation to trade or invest. It is solely for educational and general information only.
Don’t blindly buy or sell the Forex markets discussed in this trade setup. Do your own research and always be aware of the risks and rewards.
Potential Trade Setup: Will USDCAD Break Into New Ground?
All charts I provide are of the Daily time frame unless stated otherwise.
Trend: Very Bullish
Key Levels: Looking for price to break and test 1.3513 key level. Then the next resistance key level sits at 1.3662
Price Action Signal: Awaiting a breakout and retest of the 1.3513 key level with a price action signal
Chart Notes: The USDCAD pair has the potential to break higher this session into new ground.
With a strong bullish bias that remains intact this will be one to watch to catch the next bullish move higher.
Potential Trade Idea:
I am considering buying this pair again if the key level of 1.3513 is broken and there is a retest from above.
I will be looking for a strong bounce of this key level with a nice bullish reversal candlestick pattern.
This setup has plenty of free space, giving the trade idea room to head higher for a very good risk to reward.
I can’t stress enough here, that patient and discipline is the key to any successful trader.
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Now is your turn:
How are you planning this setup? What are you looking for to catch the next bullish move with this pair? Just leave any question or comments below.
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