USDCAD 09 March 2020 (Daily trading strategy) (hourly chart)
Daily trading strategy
The USDCAD is expected to form a large triangle shape in next few trading days.
If the resistance line (blue) is effective, it is expected that the price will go down to test the support uptrend (green) and has a correction after it.
It the price go down and there is strong support on the 1.34, it is expected that the price will keep go up and break up 1.36 with a week's time.
For short position, It is suggested that a sell limit order can place on 1.343/ sell at market price, stop loss at 1.347 (recently high), take profit around 1.335/1.33.
For long position, a buy limit place on 1.34/1.335, stop loss at 1.33, take profit at 1.346/1.35
The USDCAD is expected to form a large triangle shape in next few trading days.
If the resistance line (blue) is effective, it is expected that the price will go down to test the support uptrend (green) and has a correction after it.
It the price go down and there is strong support on the 1.34, it is expected that the price will keep go up and break up 1.36 with a week's time.
For short position, It is suggested that a sell limit order can place on 1.343/ sell at market price, stop loss at 1.347 (recently high), take profit around 1.335/1.33.
For long position, a buy limit place on 1.34/1.335, stop loss at 1.33, take profit at 1.346/1.35