USDCAD week starting 17/12/18
This idea of USDCAD is based on the bullish channel that has been respected since mid-October.
The pair has met quite a significant resistance zone in the past couple weeks, which is has tested again and again. The zone has not been broken yet, and the channel is still being respected, leading me to find an opportunity to take a long position. This scenario has already occurred in this channel.
I am expecting the pullback to continue, with price dropping to the channel, providing a good entry point. We could likely see some ranging movement until the resistance is broken.
Trade plan:
Enter Long - 1.133480
SL - 30 pips below (at least)
TP - recent high of 6th December (3:1 RR), 1.35000 (5:1 RR)
Entry criteria:
The pair has met quite a significant resistance zone in the past couple weeks, which is has tested again and again. The zone has not been broken yet, and the channel is still being respected, leading me to find an opportunity to take a long position. This scenario has already occurred in this channel.
I am expecting the pullback to continue, with price dropping to the channel, providing a good entry point. We could likely see some ranging movement until the resistance is broken.
Trade plan:
Enter Long - 1.133480
SL - 30 pips below (at least)
TP - recent high of 6th December (3:1 RR), 1.35000 (5:1 RR)
Entry criteria:
- Respecting channel.
- Bullish candle pattern off channel/support level.
- Watch for high impact CAD news, Wednesday 19/12/18
Penafian
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