USD/CAD at Crucial Support - Bounce or Break?
Alright traders, let’s break down the USD/CAD 4-hour chart and see what's poppin'.
Market Structure Analysis
USD/CAD has been riding an uptrend wave, showing higher highs and higher lows. The price is sitting above the 21 EMA (yellow), which signals bullish vibes. But right now, we're testing that support at 1.38454. If it holds, we could see a bounce up to the resistance at 1.38711. But if it breaks, we might slide down to the next support at 1.37478.
Trade Setup
Here’s the game plan:
Buy Scenario:
Entry: If we see a strong bullish reversal pattern at 1.38454.
Stop Loss: Just below 1.38454.
Take Profit: Targeting the resistance at 1.38711.
Sell Scenario:
Entry: If the price breaks below 1.38454 with solid bearish momentum.
Stop Loss: Just above 1.38454.
Take Profit: Aiming for the next support level at 1.37478.
Market Structure Analysis
USD/CAD has been riding an uptrend wave, showing higher highs and higher lows. The price is sitting above the 21 EMA (yellow), which signals bullish vibes. But right now, we're testing that support at 1.38454. If it holds, we could see a bounce up to the resistance at 1.38711. But if it breaks, we might slide down to the next support at 1.37478.
Trade Setup
Here’s the game plan:
Buy Scenario:
Entry: If we see a strong bullish reversal pattern at 1.38454.
Stop Loss: Just below 1.38454.
Take Profit: Targeting the resistance at 1.38711.
Sell Scenario:
Entry: If the price breaks below 1.38454 with solid bearish momentum.
Stop Loss: Just above 1.38454.
Take Profit: Aiming for the next support level at 1.37478.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.