USDCAD Trading Setup

by: Colibri Trader

Dear followers,

I have been recently reading a great book called “Zero to One” by Peter Thiel and he is starting one of his chapters with a great association. Citing:” For whoever has will be given more, and they will have an abundance. Whoever does not have, even what they have will be taken from them” (Matthew 25:29). Albert Einstein made the same observation when he stated that compound interest was “the eight wonder of the world,” “the greatest mathematical discovery of all time,” or even “the most powerful force in the universe.”

This sentence cannot be truer in trading- which epitomises the power of exponential growth. This reminds me of one of my past articles, in which I do cover the topic briefly. But, let’s not divert too much and come back to the topic of today’s article-USDCAD Trading Setup.

USDCAD Trading Setup

The trading setup from last time is still running. There were two rejections on the daily timeframe. This is making the setup not as bearish as I initially thought, but I will still not close it. Considering the strong support level below, i believe that the price might continue its uptrend, but let’s see. For now, I am not planning on adding more positions.

USDCAD Trading Setup- Today’s trading setup is coming from this pair. There was a daily pin bar on yesterday’s candle and today the bullish candle is engulfing both previous’ sessions candles. This is giving me a bullish indication and I am thinking of entering in a long position if price goes down to 1.3160. My stop loss would be placed just under 1.3050. My first target is at 1.3300 and my secondary target is at 1.3600. Price will show the way and intraday charts will let me minimise the risk and enter in a better trade.

Happy Trading,

Colibri Trader

 

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