#USDCAD: Two Selling Zones, Both Has Equal Potential

✴️ The USDCAD currency pair has exhibited range-bound behaviour primarily influenced by the strength of the Canadian dollar. Despite the US Dollar Index (DXY) surpassing the 100 mark, USDCAD has remained within a trading range of 1.3484 to 1.3753. We anticipate a potential decline in the DXY towards the 95 level as global conditions are expected to stabilise. Currently USDCAD is trading at 1.3685 encountering resistance at this level.

✴️ We project a potential brief upward movement to clear buy-side liquidity before a subsequent downward trend. While initiating a short position at the current price presents elevated risk it could yield significant returns if a downward movement materialises from this point. We have identified two potential take-profit targets contingent on individual risk management strategies. A second entry point offers a more conservative approach particularly if the price clears the aforementioned buy-side liquidity. This second entry includes a defined entry point and stop-loss level.

✴️ Furthermore, an de-escalation or normalisation of the geopolitical tensions between Iran and the US could negatively impact the USD.

🥇First Selling Entry
• Sell Entry Range: 1.36824 - 1.3750
• Stop Loss: 1.3850
• 1st Take Profit: 1.33936
• 2nd Take Profit: 1.30827

🥈Second Selling Entry
• Sell Entry: 1.39279
• Stop Loss: 1.4157
• 1st Take Profit: 1.33936
• 2nd Take Profit: 1.30827

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Team Setupsfx❤️🧠

액티브 트레이드

205+ Pips Our Second Selling Entry Is active and dropping smoothly.