UCAD Bulls Look for 3rd Test After Sept. '24 Highs Touch

9 Jun

USDCAD Bulls were able to find support at the Sept. 2024 Highs after having traveled down a Falling Support for the past 2 months!

Now we see Bulls pushing price higher creating a Rising Support with 2 tests having been successful and currently coming down for a 3rd test!

Now Price has already broken a Previous Level of Structure which was a Past Resistance on June 4th. This level also lands right at the 34 EMA and based on the Bollinger Bands, this test will also be a Mean Reversion where Price after having traveled in one direction will revert back to the mean of the Bollinger Bands for Continuation, which in this case will be Bullish!

After the 2nd Test of the Rising Support, we can see a Massive amount of Volume enters.

Price also is trading Above the 50 on the RSI and is currently coming down to test that level.

I am looking for Price to test the 1.3683 area and if Price shows support for a 3rd Test, this will be a great opportunity for Long Positions!

Fundamentally, USD will be bombarded heavy news being CPI numbers with analysts forecasting a .2% Increase in Inflation! Also PPI, Unemployment Claims and Prelim UoM Consumer Sentiment & Inflation Expectations.

9 Jun

Dagangan aktif

Price tested the 34 EMA, Previous Level of Structure and Rising Support for a 3rd time!

Long Entry @ 1.36825
SL @ 1.3665
TP @ 1.37423

9 Jun

Dagangan ditutup secara manual

Price seems to be struggling at the Rising Support.

Closing trade until direction is clearer!