USDCAD SELL
USD/CAD Trade Analysis
• Overview: Since the end of September, USD/CAD has been in a strong uptrend, with a significant rally that continued into October. The pair is now approaching a key resistance level that has been in place since 2022.
• Weekly Timeframe: A large rejection candle has formed at this resistance level, indicating potential selling pressure and a possible reversal.
• Daily Timeframe: The price action has already started to shift, with bearish candles appearing, suggesting the beginning of a pullback or trend reversal.
Trade Setup:
1. First Position:
• Entry: Short position with the stop loss placed above the weekly resistance high.
• Risk-Reward Ratio: 1:1, targeting a move down while aiming for a conservative profit.
2. Second Position:
• Entry: A more aggressive short position based on the 3-hour timeframe, with the stop loss set above the high from October 15th.
• Risk-Reward Ratio: 1:3, aiming for a higher potential reward while accepting higher risk due to the tighter stop.
The two trades are structured to capture potential downside movement from this major resistance zone. Let’s see if the rejection at this level triggers a reversal as expected.
• Overview: Since the end of September, USD/CAD has been in a strong uptrend, with a significant rally that continued into October. The pair is now approaching a key resistance level that has been in place since 2022.
• Weekly Timeframe: A large rejection candle has formed at this resistance level, indicating potential selling pressure and a possible reversal.
• Daily Timeframe: The price action has already started to shift, with bearish candles appearing, suggesting the beginning of a pullback or trend reversal.
Trade Setup:
1. First Position:
• Entry: Short position with the stop loss placed above the weekly resistance high.
• Risk-Reward Ratio: 1:1, targeting a move down while aiming for a conservative profit.
2. Second Position:
• Entry: A more aggressive short position based on the 3-hour timeframe, with the stop loss set above the high from October 15th.
• Risk-Reward Ratio: 1:3, aiming for a higher potential reward while accepting higher risk due to the tighter stop.
The two trades are structured to capture potential downside movement from this major resistance zone. Let’s see if the rejection at this level triggers a reversal as expected.
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