USD/CAD Potential Long Setup

5 jun 2023Price is in a weird bit of a range and currently at a support, on the 4HR it is busy forming a nice double bottom, I will wait for the breakout and the 4HR candle close above the neckline to buy the retrace.

The support area the Price is forming the 4HR double bottom on is also the Daily 200 EMA support, this confluence area makes me more confident in the long setup.

Break even for the trade will be placed at around 1.34889, if price breaks out of the neckline and hits my breakeven point, or it goes down and sets a new lower low I will consider this trade setup invalid.

This is not a signal and any feedback will be greatly appreciated.


Thanks
Munky83

6 jun 2023

Orden cancelada

I do not consider this buy setup to be valid anymore, dollar is looking weaker due to worse than expected ISM data and indecision on whether there will be a rate hike in June or not. Price started ranging on the 4HR, I will wait and see what happens.