USDCAD has been bullish on the H4 chart. The price kept making higher highs in the last week. However, the price has found its resistance at 1.36960. If the price makes a breakout at that level again, then buying the pair would give us some green pips.
As we see that, the level of 1.36520 has produced an H1 reversal candle. The level has the potential to be a strong level of support. So far today’s price action suggests that the price might go towards the North and make a breakout at 1.36960. There is enough room for the price to go further up. This should attract more buyers to buy the pair if things go according to this trade setup. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.36960
- Stop Loss: 1.36520
- Take Profit Target: 1.37650
Tomorrow Federal Funds Rate will be declared at 18.00 GMT. Thus, all the USD pairs will have volatility. It might get to an extreme level as well. Thus, this trade setup has to be triggered today and we might as well come out with our profit or loss before tomorrow’s New York Open. We should not keep our full position running during the FOMC statement. It is often seen that the charts produce long spikes on the small time frames. Even the H1 chart is considered as a small chart as far as “FOMC statement” event is concerned. Here is the brighter side of this news event though. It will surely offer some excellent entries once the market is settled down.
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: USDCAD Free Forex Trading Signals – 2nd May 2017
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