🔎 Technical Breakdown
Breakout Structure
Price had been consolidating in a sideways range after a strong downtrend.
Recently, price broke out of the consolidation zone to the upside, showing buyers stepping in.
Current candles are forming higher lows → early trend reversal signals.
Support Zone (Demand Area)
Around 1.3730–1.3740, price rejected multiple times (wicks).
This shows strong demand, making it a safe stop-loss zone.
Candle Behavior
Recent bullish candles have longer bodies and smaller wicks → momentum favors buyers.
The last red candles got quickly engulfed by blue (bullish) candles → market bias shifted.
Risk-to-Reward (RRR)
SL around 1.3731 and TP1 at 1.3770 / TP2 1.3790 gives you nearly a 1:2 RRR, which is favorable.
Market Context
USDCAD often reacts strongly to oil price moves and USD strength. If USD is stable/strong, buying pressure supports this setup.
Also, this looks like a retracement entry after a sell-off, catching the early reversal
PS - STILL BEARISH IN DAILY TF
Breakout Structure
Price had been consolidating in a sideways range after a strong downtrend.
Recently, price broke out of the consolidation zone to the upside, showing buyers stepping in.
Current candles are forming higher lows → early trend reversal signals.
Support Zone (Demand Area)
Around 1.3730–1.3740, price rejected multiple times (wicks).
This shows strong demand, making it a safe stop-loss zone.
Candle Behavior
Recent bullish candles have longer bodies and smaller wicks → momentum favors buyers.
The last red candles got quickly engulfed by blue (bullish) candles → market bias shifted.
Risk-to-Reward (RRR)
SL around 1.3731 and TP1 at 1.3770 / TP2 1.3790 gives you nearly a 1:2 RRR, which is favorable.
Market Context
USDCAD often reacts strongly to oil price moves and USD strength. If USD is stable/strong, buying pressure supports this setup.
Also, this looks like a retracement entry after a sell-off, catching the early reversal
PS - STILL BEARISH IN DAILY TF
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Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.