Free Forex Trade Signals USDCAD – 3rd Oct 2019
USDCAD produced a bullish Marubozu candle yesterday. The H4 chart suggests that the pair have been having consolidation. A level where the price had rejection earlier having the potential to be a level of support is very nearby. If the price comes back to the level and produces an H4 bullish engulfing candle, then an H1 breakout at the highest high of the bullish wave would be the signal to go long on the pair. Let us have a look at the H4 USDCAD chart.
This trade idea was generated by our powerful Elite Swing Trader System.
The price went up to the level of 1.33330 and started having the pullback. The price may come up to the level of 1.33065. The level where the price had reacted heavily earlier before it made the breakout. If the level ends up producing an H4 bullish engulfing candle, then buying the pair upon an H1 breakout at the level of 1.33330 shall get us some green pips. Let us have a look at the summary of the trade…
- Entry: H1 breakout at 1.33330
- Stop Loss: Below the level of 1.33065 (Today’s lowest low)
- Take Profit: 1.33950
The daily chart shows that the price is near a strong level of resistance. Thus, to make an upside move, the price may need a long consolidation and strong breakout. Most probably, the signal may come after the New York open today. USDCAD usually makes its move at the end of the week. Thus, if the support level is held, the trade setup will remain valid tomorrow as well.
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