USDCAD

Waiting on the sidelines.

USDCAD is ranging and has struggled to break above the 1.33400 level. However it is quite a side ways channel which preceeded a bullish move. I wont be selling at the top of resistance but instead I will be lookng to buy at the support. 1.32550 level.

If we break 1.32550 inpulsively I would be looking to go short once there is consolidation which would support more downside.

My ideal short level is 1.34500.

Therefore I am buying with this level in mind from the support of the sideways channel and supporting Trend Line.

See analysis

Commento:

Commento:

I have taken 40% of my position with these two four hour candle sticks struggling so close to resistance. I am still targetting 1.34500 to 1.35 level where I will be looking for shorts.

If we break above I will be looking for a break and retest to add another position.

I will copy of reasoning for entry on the 15 minute below.

Trade attivo:

Entered on the 15 minute. I had an alert for when price got to this level. Upon which there was the first rejection. (See arrow) Followed by a Bullish Pin Bar which is where I entered.
I still had a 34 pip risk which set me just be low the fake out.