UsdCad- Will it finally break 1.4? (Swing trade idea)

26 июл.

USD/CAD is currently trading around the 1.3850 resistance zone, a level that has been tested repeatedly since September 2022, each time resulting in a decline.
However, this year, after testing this resistance, the bears haven't managed to push the price down to its previous support levels. Instead, a higher support has formed at 1.36.

The recent rise from 1.36 has been impulsive, suggesting strong upward momentum.
This leads me to believe that a break above the current resistance is likely, potentially pushing the price above 1.4.

In conclusion, dips towards 1.37 should be considered buying opportunities, aiming for a favorable risk-to-reward ratio with a target around 1.41.

2 авг.

Заметка

Yesterday UsdCad broke above resistance.
My 1.4 target is in fucus now