USD/CAD Faces Resistance Above 1.35; CAD Gains
The CAD has recently shown appreciation against the USD, and there's a historical resistance for the USD/CAD pair breaching above the 1.35 mark. Short-term technical trends also favor the CAD, and the 1.3495/1.3500 zone is a significant support. Breaking this support could lead to a quick decline towards the 1.34 area. This, combined with recent economic data, suggests a potential short position.
TRADE IDEA DETAILS
CURRENCY PAIR: USD/CAD
CURRENT TREND: Bearish for USD (Bullish for CAD)
TRADE SIGNAL: SELL
👉ENTRY PRICE: 1.3495
✅TAKE PROFIT: 1.3400
❌STOP LOSS: 1.3525
TRADE PLAN:
Enter a short position at the 1.3495 mark. Monitor the trade and adjust the stop loss to break-even once the price moves favorably by around 50% of the expected range. Watch out for any significant news events or economic data releases which might impact the USD/CAD pair.
FINAL THOUGHTS:
This trade idea is based on both technical and fundamental analysis. While CAD shows signs of strength, it's essential to monitor the trade closely due to potential volatility from external economic events or unexpected news. Always trade responsibly and never risk more than you can afford to lose.
TRADE IDEA DETAILS
CURRENCY PAIR: USD/CAD
CURRENT TREND: Bearish for USD (Bullish for CAD)
TRADE SIGNAL: SELL
👉ENTRY PRICE: 1.3495
✅TAKE PROFIT: 1.3400
❌STOP LOSS: 1.3525
TRADE PLAN:
Enter a short position at the 1.3495 mark. Monitor the trade and adjust the stop loss to break-even once the price moves favorably by around 50% of the expected range. Watch out for any significant news events or economic data releases which might impact the USD/CAD pair.
FINAL THOUGHTS:
This trade idea is based on both technical and fundamental analysis. While CAD shows signs of strength, it's essential to monitor the trade closely due to potential volatility from external economic events or unexpected news. Always trade responsibly and never risk more than you can afford to lose.