USDCAD: Possible Bullish Trend and How to Trade
The price moved above the downtrend line. It gives us a bullish signal, and we can expect that buyers will try to push the market up. For this, they have to keep the price above the support zone formed by SMA200 and the weekly uptrend line. It will be able to search for exact entry points during the next week, using different timeframes.
If the price breaks the weekly uptrend line and moves below 1.33400 support level, it will be a strong bearish signal. We will be able to search for exact entry points for short trades using the hourly charts.
The fundamental news will be able to support the activity of buyers and sellers. The market should be added to a watchlist as it is going to provide us different trade opportunities.
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.
If the price breaks the weekly uptrend line and moves below 1.33400 support level, it will be a strong bearish signal. We will be able to search for exact entry points for short trades using the hourly charts.
The fundamental news will be able to support the activity of buyers and sellers. The market should be added to a watchlist as it is going to provide us different trade opportunities.
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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