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USD/CAD| Potential bullish continuation

USD/CAD Long-Term Trend: Bullish

TradingView Chart

Key Resistance Levels: 1.27914, 1.28327, 1.29029

Key Support Levels: 1.26935, 1.26682, 1.26400

4-Hour Chart:

Since the low on December 31st, we have seen some bullish momentum build, which subsided when met with the resistance zone. Thereafter, we got a pullback which is currently finding support in the 50-61.8% retracement area. If this holds, we may see a play back into the resistance zone, and potentially beyond. On the risk side, we have a diagonal resistance trend line which may present some challenges for the bullish scenario.

USD/CAD Medium-Term Trend: Bullish

TradingView Chart

1-Hour Chart:

It seems as though there may be some accumulation in the 50-61.8% retracement area before possibly making an attempt at a bullish move. Additionally, if we do climb, watch out for some resistance from the trend line (purple) before we can even get to TP 1.

Signal Idea:

Buy Limit Order @ 1.26994

TP 1 @ 1.27901

TP 2 @ 1.28795

Stop Loss @ 1.26484

Trade Safely 🙂

About Patrick Mwenge

A chartered accountant and trader, Patrick has 7 years of financial market experience, covering commodities,FX, equities as well as crypto currencies. Patrick leverages both long term Elliot wave analysis alongside volume and time price opportunity to explore trading opportunities on both long and short term timeframes.

10 comments

  1. Yo! I got your message today on Jan 8 (Saturday)

    1- can you tell me how can we manaul close our trade while the market is closed?
    2nd – the market is still close and you already announce -1% (-21 pips) loss for today… how is that possible?

    Please explain

  2. Think that manual close was wrong

    • You are right Aaron. Let me fix that. Thank you

      • Hi. Ive asked this before but here i go again.
        Do you divide the total Lot Size by 2 for each TP/trade?( Tp1 & TP2)
        For Ex. Say lot size is 0.06.
        Therefore 0.06/2= 0.03
        TP1= 0.03
        TP2=0.03

        Please some light on this.

        • Sorry for the delayed reply.

          Not necessarily. I usually put my TP 1 at a resistance zone. If I see weakness there, I would close the trade, if not, I would let it run. if we go beyond TP 1, I would recommend maybe taking STOP loss to Entry, and maybe even up to TP1 so you can book profits. Does this help?

  3. Hi.
    Do you divide the total Lot Size by 2 for each trade? ( Tp1 and Tp2)
    For Ex. Say Lot size is 0.06
    0.06/2 = 0.03
    Tp1 = 0.03
    Tp2 = 0.03

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