USDCAD - Almost reached targets - Preparing for reversal

FX:USDCAD   Dolar U.S/Dolar Kanada
USDCAD is really becoming my favorite pair !

When you look at my previous idea for this pair in which I predicted the drop to the 1.34 area, you can see that 75% of the drop has already been reached and in my opinion there is not much that can keep it from dropping further to the predicted level.

Around 1.34 we have a previous resistance level which should now (at least temporarily) become support and we should see a bounce. The stop loss is defined by the bottom of the price action defining that resistance level .

I have defined 2 target areas for the upward move :
TP1 is the current price level where there is a (small) shelf, if we bounce this should be easily reached. This target presents us with a 1:1 risk reward ratio and a potential profit of around 110 pips.
TP2 is a previous support level on this time frame around the 1.3650 area, this is almost a 2.3:1 RR ratio a potential pip profit of around 250.

Agree with this idea ? Thanks for giving me the thumbs up by clicking the like button.
Have another view, have questions, comments ? Feel free to share it below !
More ideas like this ? Click the follow button to keep updated when I publish new ideas or update already published ones.

Thanks for your visit !
Komen: Targets of the previous trade down were reached, time to look for a good entry and confirmation to go back up.
Komen: This was the previous trade :

agree, take a look at the RSI for the previous reversal. All the best!
So excellent
+1 Balas
Thanks ! :)
Support and Resistance yes!
+1 Balas
Best trades ! ;)
TAtrader Nico.Muselle
True. :)
+1 Balas
Looking good, thanks for sharing ! :)
+1 Balas
Very convincing. I'm trusting that it is reliant on that oil continues to hold at current level to meet the support level or goes into/through reversal zone if oil rises. Nice observation. Thanks.
+1 Balas
Of course CAD is very correlated to oil, so yes, this will have to cooperate a little to have this prediction work out. I do not see OIL rising above 35$ anytime soon (as we have a previous support level there and there is just no reason to assume demand would highly increase).
MS Bahasa Melayu
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Laman Utama Penyaring Saham Penyaring Forex Penyaring Kripto Kalendar Ekonomi Bagaimana ia berfungsi Ciri-ciri Carta Peraturan Dalaman Moderator Laman web dan Penyelesaian Broker Widget Perpustakaan Carta Stok Permintaan Ciri Blog & Berita Soalan Lazim Bantuan & Wiki Twitter
Profil Tetapan Profil Akaun dan Pengebilan Tiket Sokongan Saya Hubungi Sokongan Idea-idea yang diterbitkan Pengikut Mengikut Mesej Peribadi Sembang Daftar Keluar