USDCAD looking Long
We have various indicators of a reversal:
• Divergence in play
• Potential reversal channel in line with the divergence
• 200 EMA acting as our resistance in target area
• Price level 1.30750-1.3000 has been a key Support/Resistance level since 2016
• Oil prices looking bearish which influences the value of CAD
• NFP positive speculation for the USD
However, there are various strategies in trading this forecasted setup.
1. We can trade within the channel (intraday, scalping trades)
2. Wait for price to reach our potential buy zone and seek bullish PA confirmation
3. Wait for the breach above the channel with a RT and bullish confirmation
4. There are other contingency strategies in place but the three mentioned are the key.
Each strategy has its own risk management and entry criteria with position sizing and levels of entry. Stops will also be conducted according to plan and setup.
• Divergence in play
• Potential reversal channel in line with the divergence
• 200 EMA acting as our resistance in target area
• Price level 1.30750-1.3000 has been a key Support/Resistance level since 2016
• Oil prices looking bearish which influences the value of CAD
• NFP positive speculation for the USD
However, there are various strategies in trading this forecasted setup.
1. We can trade within the channel (intraday, scalping trades)
2. Wait for price to reach our potential buy zone and seek bullish PA confirmation
3. Wait for the breach above the channel with a RT and bullish confirmation
4. There are other contingency strategies in place but the three mentioned are the key.
Each strategy has its own risk management and entry criteria with position sizing and levels of entry. Stops will also be conducted according to plan and setup.
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