usdcad 8h swing trade setup best level to buy/hold

[Prince Sajir 1]

 

Hello traders, let's review the 8 hour chart for USDCAD today. Currently trading in well defined range, since October 2022. Right now closing in on range lows, so naturally the risk/reward is shifting in bulls favor towards premium prices.

Active trading range is pretty wide, almost 500 pips wide. Range lows defined by 3400 and range highs set at 3770. 3840/3940 premium prices above range highs, and 3330/3250 premium prices below range lows.

Recommended strategy for USDCAD swing trade setup: Bulls focus on buying low near premium prices, best entry near 3300 and stop loss below premium prices. TP1 bulls is +150 pips TP2 bulls is +300 pips, conservative targets based on latest price swings in USDCAD .