A great opportunity in USDCAD for position in the weekly chart with excellent risk-return.
The price follow the trend for more than 15 months and now again we are testing channel support. Since December, the price has dropped sharply following the cloud trend to channel support. It has been traded in less than 1.31 in confluence with Fibonacci retracement 61%.
Yesterday it closed with white Marubozu candle indicating strong buy, breaking the short-term down trend in the channel, triggering the operation in a "safe" level. In the middle of the road we still have a resistance at 1.335 which should not be too difficult to break, but delays the process of achieving take profit.
Looking to CCI the price should follow the trend, at the daily chart the indicator is above 0 and in the weekly is almost there.
This trade carries a risk-return of 1: 2.7 which is a good reward, in return it can be time-consuming. We can exclude the factors from the economic calendar tomorrow, probably projecting downside to the pair, and also the others that come.
Trade wisely.
The price follow the trend for more than 15 months and now again we are testing channel support. Since December, the price has dropped sharply following the cloud trend to channel support. It has been traded in less than 1.31 in confluence with Fibonacci retracement 61%.
Yesterday it closed with white Marubozu candle indicating strong buy, breaking the short-term down trend in the channel, triggering the operation in a "safe" level. In the middle of the road we still have a resistance at 1.335 which should not be too difficult to break, but delays the process of achieving take profit.
Looking to CCI the price should follow the trend, at the daily chart the indicator is above 0 and in the weekly is almost there.
This trade carries a risk-return of 1: 2.7 which is a good reward, in return it can be time-consuming. We can exclude the factors from the economic calendar tomorrow, probably projecting downside to the pair, and also the others that come.
Trade wisely.
Este é um estudo pessoal e não recomendação de investimento. Negocie pelo seu próprio risco.
