USDCAD Daily Long - Scenario
The USDCAD recently made a higher high, which per market ebbs and flows, needs to make a new higher low. Ideally, i would like to see the USDCAD retrace to approximately 1.4000, which is where the 61.8 fib of A/B lies, as well as ascending channel, strong support/resistance and even handle. From there, look for a Counter Trend Line (CTL) break to enter long on 4 HR.
TP 1 one is at point D (1.27 of A/B). The 1.8000 handle was strong support in 2004, strong resistance is 2007. In addition, it lines up with the top of the ascending channel trend line.
Note: There is high impact news for both USD and CAD on Tuesday, December 23rd. I have also outlined an alternate scenario, but ideally, confluence points to the first scenario playing out. Risk Reward of 1:3.5
Happy Pipping, keep in mind it is holiday week, market may be slow.
TP 1 one is at point D (1.27 of A/B). The 1.8000 handle was strong support in 2004, strong resistance is 2007. In addition, it lines up with the top of the ascending channel trend line.
Note: There is high impact news for both USD and CAD on Tuesday, December 23rd. I have also outlined an alternate scenario, but ideally, confluence points to the first scenario playing out. Risk Reward of 1:3.5
Happy Pipping, keep in mind it is holiday week, market may be slow.
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