Categories: Technical Analysis

USDCAD To Present Buy Opportunity?

The US Dollar lost a lot of ground recently against the Canadian dollar, as the latter one recovered. However, if looks like the USDCAD pair may complete its current bearish cycle soon and might start to trade higher once again.

So, I think we should be looking for a buy trade once the USDCAD pair drops near the 1.3300 support area.

Technical Analysis

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H4 – 4-hours chart highlighting the scenario in which the USDCAD pair may find support around 1.3300.

Buy Entry:

H4 – If the USDCAD moves down, finds support around 1.3300, creates a divergence and then after a consolidation period trades higher, then we can enter a buy trade once it breaks the possible trend line resistance as shown in the chart.

Target 1: 1.3600

Target 2: 1.3750

Stop Loss: 15 pips + below the last low created before entering the trade.

Video Explanation:

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.