Waiting for a pull back on USDCAD
Hi Traders,
As we now prep for the new week we can find some opportunities on USDCAD which may play out this coming week. Price currently pulling back from 1.3200. I am waiting for a buy setup to present itself on the four-hour time frame. I will be looking for the setup once price pulls back to 1.2700.
My bias stems from the higher timeframes such as the monthly and even the yearly where price is currently bouncing off strong support. When going down to the weekly time frame price has rejected a resistance level which I believe will be broken when price is ready to turn bullish because of the monthly and yearly support. 1.2700 Is also an order block based on the daily time frame which I think will give us a strong reaction and then give the push to target.
My target is at 1.31700 which is the resistance level that caused the current pull back. on the flip side, if price continues to tank past our entry point, I will remain patient for the structure to turn bullish before looking for buys. The key is to wait until this happens.
Don't rush or force any trades on this one. Wait for the structure to change.
Renaldo Philander
As we now prep for the new week we can find some opportunities on USDCAD which may play out this coming week. Price currently pulling back from 1.3200. I am waiting for a buy setup to present itself on the four-hour time frame. I will be looking for the setup once price pulls back to 1.2700.
My bias stems from the higher timeframes such as the monthly and even the yearly where price is currently bouncing off strong support. When going down to the weekly time frame price has rejected a resistance level which I believe will be broken when price is ready to turn bullish because of the monthly and yearly support. 1.2700 Is also an order block based on the daily time frame which I think will give us a strong reaction and then give the push to target.
My target is at 1.31700 which is the resistance level that caused the current pull back. on the flip side, if price continues to tank past our entry point, I will remain patient for the structure to turn bullish before looking for buys. The key is to wait until this happens.
Don't rush or force any trades on this one. Wait for the structure to change.
Renaldo Philander
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