USD/CAD supply absorption in progress with potential breakout ahead [Video]

Ming Jong Tey Independent Analyst

In the H1 timeframe, USD/CAD seems like undergoing supply absorption process with higher low moving towards the resistance zone between 1.3143–1.3163. If you are keen to trade the breakout setup, do remember to pay attention to the context and confirmation I pointed out in the video below (timestamp starts 3:45) to increase your winning rate.

Below are the key parameters for USD/CAD potential long setup for trading session on 15 Oct 2020.

Entry: long stop order at 1.3166

Stop loss: 1.3120

Take profit: 1.3250

Author

Ming Jong Tey

Independent Analyst

Ming Jong Tey has been trading since 2008. He started his learning journey from technical analysis (indicators, Fibonacci, etc...) to value investing. Throughout his journey, he develops an interest in price action with chart pattern trading.

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