potentially significant breakdown on the USDCAD weekly chart—if price has decisively broken below a long-standing ascending trendline, that can be a strong signal of trend reversal or deeper correction.
Let's assess your trade setup:
---
🟦 Trade Plan Summary
Entry: Short at 1.3700 (current position)
Trigger: Confirmation of trendline break
1st Target (TP1): 1.3020
2nd Target (TP2): 1.2500
Stop Loss (Suggested): Ideally somewhere above 1.3750–1.3800, depending on volatility/tolerance.
---
📊 Technical Breakdown
1. Trendline Break (Weekly):
If the trendline held since 2021–2022 was broken, this confirms a structural shift.
Weekly closes below the trendline reinforce the signal; daily retests that reject it would strengthen your case.
2. 1.3020 Target Zone:
This is a strong support area, previously tested multiple times (May 2023 and early 2022).
It aligns with fib retracement zones and horizontal demand.
3. 1.2500 Target:
A more aggressive downside target, likely needing a strong USD selloff or major CAD strength (e.g., oil rally or BoC hawkishness).
---
🔍 Key Considerations
Risk-Reward: From 1.3700 to 1.2500 is a 1,200 pip move. Even to 1.3020 gives ~680 pips. Depending on SL, this can be a 3–6:1 RR.
CAD Drivers:
Crude oil strength boosts CAD.
Watch Bank of Canada rate decisions and inflation data.
USD Factors:
A shift in Fed tone toward rate cuts will weaken USD.
Upcoming NFP, CPI, and Fed meetings are key.
---
✅ Trade Management Tip
If price breaks decisively below 1.3600 with strong volume and doesn't reclaim that level, consider:
Scaling in (if not fully positioned),
Trailing stop loss as it approaches 1.3300 (mid-support),
Taking partial profit at 1.3020 and letting the rest ride to 1.2500.
Would you like a chart analysis or trade calculator for this setup? I can also generate a chart with key levels marked if you upload your chart screenshot or describe the trendline.
Let's assess your trade setup:
---
🟦 Trade Plan Summary
Entry: Short at 1.3700 (current position)
Trigger: Confirmation of trendline break
1st Target (TP1): 1.3020
2nd Target (TP2): 1.2500
Stop Loss (Suggested): Ideally somewhere above 1.3750–1.3800, depending on volatility/tolerance.
---
📊 Technical Breakdown
1. Trendline Break (Weekly):
If the trendline held since 2021–2022 was broken, this confirms a structural shift.
Weekly closes below the trendline reinforce the signal; daily retests that reject it would strengthen your case.
2. 1.3020 Target Zone:
This is a strong support area, previously tested multiple times (May 2023 and early 2022).
It aligns with fib retracement zones and horizontal demand.
3. 1.2500 Target:
A more aggressive downside target, likely needing a strong USD selloff or major CAD strength (e.g., oil rally or BoC hawkishness).
---
🔍 Key Considerations
Risk-Reward: From 1.3700 to 1.2500 is a 1,200 pip move. Even to 1.3020 gives ~680 pips. Depending on SL, this can be a 3–6:1 RR.
CAD Drivers:
Crude oil strength boosts CAD.
Watch Bank of Canada rate decisions and inflation data.
USD Factors:
A shift in Fed tone toward rate cuts will weaken USD.
Upcoming NFP, CPI, and Fed meetings are key.
---
✅ Trade Management Tip
If price breaks decisively below 1.3600 with strong volume and doesn't reclaim that level, consider:
Scaling in (if not fully positioned),
Trailing stop loss as it approaches 1.3300 (mid-support),
Taking partial profit at 1.3020 and letting the rest ride to 1.2500.
Would you like a chart analysis or trade calculator for this setup? I can also generate a chart with key levels marked if you upload your chart screenshot or describe the trendline.
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Gold Signal's with proper TP & SL for high profit opportunities..
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Forex, Gold & Crypto Signals with detailed analysis & get consistent results..
t.me/Gold_Analysis_Experiment
Gold Signal's with proper TP & SL for high profit opportunities..
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📲 Join telegram channel free ..
t.me/Trade_With_Gold_King005
Forex, Gold & Crypto Signals with detailed analysis & get consistent results..
t.me/Gold_Analysis_Experiment
Gold Signal's with proper TP & SL for high profit opportunities..
t.me/Trade_With_Gold_King005
Forex, Gold & Crypto Signals with detailed analysis & get consistent results..
t.me/Gold_Analysis_Experiment
Gold Signal's with proper TP & SL for high profit opportunities..
Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.