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