Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
📈 USDCAD has been overall bullish, trading within the rising wedge in blue.
Currently, USDCAD is rejecting the upper bound of the wedge pattern acting as a non-horizontal resistance.
Moreover, it is retesting a strong supply zone at 1.36 marked in red.
🏹 Thus, the highlighted blue circle is a strong area to look for sell setups as it is the intersection of the red supply and upper blue trendline.
📚 As per my trading style:
As #USDCAD is around the blue circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
📈 USDCAD has been overall bullish, trading within the rising wedge in blue.
Currently, USDCAD is rejecting the upper bound of the wedge pattern acting as a non-horizontal resistance.
Moreover, it is retesting a strong supply zone at 1.36 marked in red.
🏹 Thus, the highlighted blue circle is a strong area to look for sell setups as it is the intersection of the red supply and upper blue trendline.
📚 As per my trading style:
As #USDCAD is around the blue circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich