My trading journal

Looking at the USD/CAD daily chart, it is showing a strong uptrend, with the price steadily moving higher above 50MA, 100MA and 200MA. These confirm that the trend is bullish. Right now, the price is approaching the 1.4200 level, which could be difficult to break.
Screenshot 2024-12-10 at 4.12.21 PM

4 hour chart of USDCAD

Screenshot 2024-12-10 at 4.17.45 PM

If the price breaks above 1.4200, it could continue to move higher. However, if the price fails to break this level, it may pull back toward the 1.3900 support. For now, I think it’s a good idea to watch the price and wait for more signals before entering a trade.

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Last week, I mentioned watching the 1.4200 level on USD/CAD to see if the price would break above or pull back toward 1.3900 support. Unfortunately, I missed the move when the price broke above 1.4200. :pensive:

But, it’s okay. Missing one trade is not the end, there’s always another setup waiting!

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The USD/CAD pair is showing strong bullish momentum on the daily timeframe

usdcad

I’ll continue to monitor the pair for a pullback to 1.42000. If the price holds above this level and shows signs of support I may consider a long entry.