#USDCAD Analysis on daily time frame
1. Price is approaching a strong resistance zone on the daily.
2. Dollar index in due for a correction after this very sharp move up.
3. Price of #USDCAD will still go up to current resistance level probably, and will also get a bit higher than last resistance level in order to collect liquidity.
4. Then a sharp move down might be witnessed.
so in short, in the short term, price is good for buys if I am scalping and good for sells after getting necessary confirmation if I am swing trading.
Taking swing trades like this one requires a high risk per trade since they are not taken everyday. I would risk 4% of my capital for a reward of around 10% to 11%.
This is not a financial advise, I am just telling you how I personally would go about this trade, please trade at your own risk.
#Forex #EURUSD #DXY #GBPUSD #USDCAD #XAUUSD #Swingtrading #scalping
2. Dollar index in due for a correction after this very sharp move up.
3. Price of #USDCAD will still go up to current resistance level probably, and will also get a bit higher than last resistance level in order to collect liquidity.
4. Then a sharp move down might be witnessed.
so in short, in the short term, price is good for buys if I am scalping and good for sells after getting necessary confirmation if I am swing trading.
Taking swing trades like this one requires a high risk per trade since they are not taken everyday. I would risk 4% of my capital for a reward of around 10% to 11%.
This is not a financial advise, I am just telling you how I personally would go about this trade, please trade at your own risk.
#Forex #EURUSD #DXY #GBPUSD #USDCAD #XAUUSD #Swingtrading #scalping