For Traders

Analytical Reviews

Technical analysis

03.08.202011:13 Forex Analysis & Reviews: USD/CAD quote rebounds from 1.33

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Good day traders! A trading idea for the USD / CAD pair.

Last Friday, a rebound from the level of 1.33 occurred, indicating a clear monthly support level for the bulls, behind which they can safely hide their risks.

Find these stops as follows:

1-hour TF:

Work for the completion of the large ABC wave pattern (which started on July 20), aiming for an update of the monthly bulls' area below 1.33.

Profitability of about 1 to 1 will come, when the price reaches 50% Fibonacci.

Selling will be relevant until wave "A" breaks above the level of 1.36.

Such a trading idea is developed, on the grounds of Price Action and Stop Hunting strategies.

Good luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.