USDCAD: Watch for Price Action at 1.30000
The price moved back to key support. In the past, reversal signals from that zone gave us good trade opportunities. What about now?
I think we should expect a new reversal. If so, it will give us interesting buying opportunities in the hourly and minutes timeframes. Stop orders must be placed below the support and the local swing low. The profit targets should be SMA50 and 1.33400 resistance.
The false breakout will be good for buying as well.
If the price breaks the support zone, it will be a solid bearish signal. We will search for possible bearish setups from a new 1.30000 resistance.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
I think we should expect a new reversal. If so, it will give us interesting buying opportunities in the hourly and minutes timeframes. Stop orders must be placed below the support and the local swing low. The profit targets should be SMA50 and 1.33400 resistance.
The false breakout will be good for buying as well.
If the price breaks the support zone, it will be a solid bearish signal. We will search for possible bearish setups from a new 1.30000 resistance.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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