USDCAD (U.S. Dollar/Canadian Dollar) long (buy) setup. Here's the breakdown:
**Setup Overview**
* **Entry Level:** Around 1.3700
* **Take Profit (TP):** 1.3812 (upper green zone)
* **Stop Loss (SL):** 1.3638 (lower red zone)
**Technical Observations**
* Price is bouncing from a rising trendline (diagonal black line), suggesting bullish support.
* Price is trading above the 50 EMA, 21 EMA, and 7 EMA — indicating bullish momentum.
* A strong bullish candle with high volume occurred before consolidation, showing buyer interest.
* Tight consolidation near the entry level suggests potential for a breakout continuation upward.
**Bias**
* **Bullish** bias as long as price remains above the trendline and EMAs.
* The trade offers a favorable risk-to-reward ratio, targeting a \~110 pip gain vs. \~60 pip risk.
*Summary**
The chart shows a bullish trade setup on USDCAD based on trendline support, EMA alignment, and volume confirmation. A breakout above 1.3700 aims for 1.3812, while invalidation lies below 1.3638.
**Setup Overview**
* **Entry Level:** Around 1.3700
* **Take Profit (TP):** 1.3812 (upper green zone)
* **Stop Loss (SL):** 1.3638 (lower red zone)
**Technical Observations**
* Price is bouncing from a rising trendline (diagonal black line), suggesting bullish support.
* Price is trading above the 50 EMA, 21 EMA, and 7 EMA — indicating bullish momentum.
* A strong bullish candle with high volume occurred before consolidation, showing buyer interest.
* Tight consolidation near the entry level suggests potential for a breakout continuation upward.
**Bias**
* **Bullish** bias as long as price remains above the trendline and EMAs.
* The trade offers a favorable risk-to-reward ratio, targeting a \~110 pip gain vs. \~60 pip risk.
*Summary**
The chart shows a bullish trade setup on USDCAD based on trendline support, EMA alignment, and volume confirmation. A breakout above 1.3700 aims for 1.3812, while invalidation lies below 1.3638.
Trade active
📈 **USD/CAD Update:**Bullish scenario played out with a small upside move.
No stop-loss or target was hit — trade closed manually.
🔍 Waiting for the next setup — stay tuned!
\#USDCAD #ForexUpdate #TradeReview
Trade closed: target reached
closed
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.