USDCAD is approaching a serious support area as described in my chart. We have covered this pair extensively with Tim West, in the Key Hidden Levels chatroom. I had shorts from multiple levels and have covered them for now.
The trade here is to go long when hitting the support level on chart, using a wide stop initially, to then reduce risk and increase position size if proved right. Very simple strategy. I'd risk 1% using a 1-3 ATR stop initially.
Good luck if taking this trade. Cheers,
Ivan Labrie. Time at Mode FX
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Touchdown.
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We caught the low to the dime here. If we close above the FOMC level at 1.3788, we can expect further upside.
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Closed right after the CAD rate decision.
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I went long again and already closed it. Now considering reentering since the downtrend time expires on close.
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Monitoring this one for the long side, downtrend doesn't seem to be complete yet.
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I'm long from 1.30974. Looking to add on retrace, or if we get another valid setup (like a nice base for a rally and a time at mode uptrend signal). It would be logical to expect consolidation near the high volume price from the previous legs. Price landed there today and got rejected slightly, but overall, I think it's safe to assume the trend reversed, or is due for a severe pullback.