UsdCad- Nice trade with great R:R
In June 2021, UsdCad has changed the trend, breaking above the descending trend line and reaching a high around 1.3 important resistance.
Since then, the pair was very volatile with large up and downswings.
In December, UsdCad has had a new attempt to conquer 1.3 and failed again, dopping slightly under 1.25
However, this low is higher in rapport with the previous 2 and can be an indication of continuation to the upside.
More, 1.25 zone is market by 3 bullish pin bars and it is clear that we have buying power in this zone.
In concl;usion, dips against 1.25 should be bought and swing traders can target 1.3 resistance.
A dive under the recent low would negate this scenario.
Best of luck trading UsdCad
Mihai Iacob
Since then, the pair was very volatile with large up and downswings.
In December, UsdCad has had a new attempt to conquer 1.3 and failed again, dopping slightly under 1.25
However, this low is higher in rapport with the previous 2 and can be an indication of continuation to the upside.
More, 1.25 zone is market by 3 bullish pin bars and it is clear that we have buying power in this zone.
In concl;usion, dips against 1.25 should be bought and swing traders can target 1.3 resistance.
A dive under the recent low would negate this scenario.
Best of luck trading UsdCad
Mihai Iacob
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