USDCAD is trading inside a clear range on the 30-minute timeframe. Price is respecting the support and resistance levels marked on the chart.
Resistance levels:
1.37435
1.37732
Support levels:
1.37208
1.36914
Current price is trading near 1.37300, sitting between the first resistance and first support.
Bullish Scenario
If price breaks above 1.37435 and a 30M candle closes above it, I expect continuation up to the next resistance at 1.37732.
Entry: Above 1.37435 after confirmation
Target: 1.37732
Invalidation: Below 1.37208
Bearish Scenario
If price breaks below 1.37208 and a 30M candle closes below it, I expect a drop down to the next support at 1.36914.
Entry: Below 1.37208 after confirmation
Target: 1.36914
Invalidation: Above 1.37435
Key Levels
Resistance: 1.37435 / 1.37732
Support: 1.37208 / 1.36914
Pro Tips from a real trader
Tip 1: This is a 30-minute timeframe. Tighter stops and smaller targets. Do not use the same risk as a 1H or 4H trade.
Tip 2: Never enter at the exact level. Wait for a full 30M candle close above resistance or below support.
Tip 3: If you miss the breakout, wait for a pullback. For longs, let price retest the broken resistance as support. For shorts, let price retest the broken support as resistance.
Tip 4: USDCAD moves with oil prices. When oil goes up, USDCAD usually goes down. Check crude oil before trading.
Tip 5: Keep your stop loss tight but reasonable. The 30M chart can be noisy.
My personal view
Price is squeezed between 1.37435 resistance and 1.37208 support. This is a very tight range. A breakout in either direction could trigger a quick move. I am waiting for a clean 30M candle close above resistance for longs or below support for shorts. No close = no trade.
Not financial advice. Trade at your own risk.
Tags: USDCAD, Forex, 30Minute, Breakout, PriceAction, TradingView, SupportAndResistance
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