USDCAD: New Bullish Trend and How to Trade
This market should be added to a watchlist. The price reached the important trend line and a breakout above it will be able to give a buying opportunity. The weekly chart is bullish, and we can expect a new uptrend in the daily timeframe. So, the breakout signal will allow us to join the uptrend. Profit targets for long positions can be placed at the resistance levels. Stop orders must be placed below SMA200.
The alternative variant is a breakout below SMA200, the weekly uptrend line, and 1.33400 support level. It will be a bearish signal. I don't think that it will be a good idea to open short positions following this breakout. The weekly chart will give us SMAs as support lines not far from the breakout, and we won't have free space for the downward movement.
The ideas above are workable in the daily chart. As for the lower timeframes, it is possible to search for trades in both directions with close profit targets. For example, right now we can try to catch a reversal signal from the daily downtrend line and short the market with the target at 1.35000 support and SMA200 from the daily chart.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
The alternative variant is a breakout below SMA200, the weekly uptrend line, and 1.33400 support level. It will be a bearish signal. I don't think that it will be a good idea to open short positions following this breakout. The weekly chart will give us SMAs as support lines not far from the breakout, and we won't have free space for the downward movement.
The ideas above are workable in the daily chart. As for the lower timeframes, it is possible to search for trades in both directions with close profit targets. For example, right now we can try to catch a reversal signal from the daily downtrend line and short the market with the target at 1.35000 support and SMA200 from the daily chart.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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