Make way for bulls Loonie!
It is quite evident since April, 2024 that USDCAD has been following a ranged price movement. Last week, I personally had high hopes that BOC might finally be able to pull it off by breaking through the range bottom and head towards the true demand area at 1.32xx. My expectations were based on an assumption that since DXY was evidently heading bear, Loonie might initiate a new bearish trend as well.
Contrary to what I expected, USDCAD has bounced once again from the range bottom creating another opportunity for us to go short on CAD in general. That bullish engulfing candle is our signal to go long on looney. It may not be an ideal opportunity considering it may not be the instrument to offer the best RR this week. But, oh well, a trade is still a trade and I am always hunting opportunities, especially on major pairs, to plan my weekly trades.
As for the target, I would expect it to hit the blue triangle upper border since that is the area I could identify of downward ranging movement.
And for stop loss, our range bottom is just enough, no need to hold beyond that level, currently USDCAD is offering the RR of 1:2.5 (approximately). Which is not really bad right? So, let us just plan our week that way.
Best and luck! and be a responsible trader, no analysis is ever 100% so do not risk a fortune on any trade!
Contrary to what I expected, USDCAD has bounced once again from the range bottom creating another opportunity for us to go short on CAD in general. That bullish engulfing candle is our signal to go long on looney. It may not be an ideal opportunity considering it may not be the instrument to offer the best RR this week. But, oh well, a trade is still a trade and I am always hunting opportunities, especially on major pairs, to plan my weekly trades.
As for the target, I would expect it to hit the blue triangle upper border since that is the area I could identify of downward ranging movement.
And for stop loss, our range bottom is just enough, no need to hold beyond that level, currently USDCAD is offering the RR of 1:2.5 (approximately). Which is not really bad right? So, let us just plan our week that way.
Best and luck! and be a responsible trader, no analysis is ever 100% so do not risk a fortune on any trade!
Uwaga
I know this consolidation is annoying but trust me, it is building up protection for buyers, do not be agitated by it just bear with me for now and Inshallah it will pay off. I just trade one or two instruments every week and this is the safest money I could find in the market so just have patience. If circumstances alter I will let you guys know when to close but so far it is good to hold this long position.
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Uwaga
lol funny that target hit after I closed the trade XD NVM happens at times
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