USDCAD - Bears Took Over, Now Wait For Bulls!

11 mai 2023

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

As per my last analysis (attached on the chart) USDCAD rejected our upper red trendline and supply, and traded lower.

Now USDCAD is approaching the lower bound of the symmetrical triangle again so we will be looking for buy setups on lower timeframes.

Moreover, the green zone is a strong support.

🏹 So the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the green support and lower red trendline. (acting as non-horizontal support)

As per my trading style:
As USDCAD is sitting around the purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich