USDCAD – BUY STOP – 19th November 2020

USDCAD – BUY STOP – 19th November 2020 (Closed)

Good morning team,

We are tracking the USD for long opportunities based on yesterdays technical analysis in the member’s video. Looking across the board, EURUSD, NZDUSD, GBPUSD, AUDUSD and USDCAD, they all appear to be setting up USD long trade opportunity. We have seen a dip across risk assets including the SP500 and Dow Jones, the risk-off sentiment will favour the USD.

USDCAD Daily Charts

There has been a strong bounce on the support at 1.2960. A key trendline to be aware of is at the 1.3240 resistance zone.

USDCAD 1 Hour Charts

Possible bull flag structure forming. We are waiting for a breakout above the bull flag and looking to target the 1.3225 resistance.

Trade Setup: BUY STOP: Entry price 1.3095, stop loss 1.3025 and take profit 1.3225

Stop loss: 70 pips

Take profit: 130 pips

Trade Setup
BUY STOP

Entry
1.3095

Take Profit
1.3225

Stop Loss
1.3025