In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day. Today, we take a close look at a good technical set up in the USDCAD. This market gives us some nice price action to work with at least at this point.
When we look at the charts we can clearly see the break above 1.3450 level. What we have seen since this move is a nice pull back to a strong level of support, which was previously resistence. This is good news from a technical perspective. Yesterday’s indecision candlestick puts doubt in the mind of the sellers and gives opportunities for buyers to get involved to the upside once more.
However, we are only interested in buying this market if we get a break above yesterday’s high of 1.3480, this price point is our signal to get in to this market to the upside.
Good techncial set up in the USDCAD – Full Video Analysis
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