Pair / Instrument: USDCAD
Time Frame: H4
The trend in the Timeframe: BULLISH
The trend in the Daily Chart: BEARISH
Description: USDCAD completed a bullish wedge on the H1 Chart. It is likely to test 1.31600 trendline resistance. Breakout of the resistance will trigger the bullish move.
Trade Based On: Triangle Pattern Breakout
Entry: 1.31600 – 1.31700
Stop Loss: 1.31000 ( H1 Closing Below )
Take Profit 1: 1.32100 / TP 1 REACHED
Take Profit 2: 1.32600
Notes: Wait for the breakout.
Link to follow the chart and idea: USDCAD Trade Idea
Broadening Wedge and add Long at 1.32000. Stop at 1.31600
Update: Targets Reached 100 pips / Trade Closed
Rules To Keep In Your Mind: Trade Safe. Money Management is the key to success in forex trading. Do not risk more than 1% of your account in each trade.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
USDCAD Trade Idea: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility