USDCAD: New Trade Opportunities at Support
The price is moving toward the support zone formed by SMA200 and 1.32000 support level. What does it mean? It means that the price action at this zone will be interesting for us. The market will be able to give us trade opportunities in both directions.
If the price bounces from the support zone and RSI confirms the price reversal, it will be a buying opportunity. Stop orders for long trades should be placed below the support. Profit targets should be at the resistance.
If the price breaks the support zone, it will give us a trade opportunity for shorting. Stop orders should be placed above the local swing high and SMA200. Profit targets should be placed at the key support levels.
Risk for all trades must be no more than 1-2% of the capital.
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.
If the price bounces from the support zone and RSI confirms the price reversal, it will be a buying opportunity. Stop orders for long trades should be placed below the support. Profit targets should be at the resistance.
If the price breaks the support zone, it will give us a trade opportunity for shorting. Stop orders should be placed above the local swing high and SMA200. Profit targets should be placed at the key support levels.
Risk for all trades must be no more than 1-2% of the capital.
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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