FX.co ★ hickle.manuela | Comprehensive Analysis in Trading: Mastering Methodologies

USD/CAD In my case, taking into account the algorithm and technical tools I use, an upside scenario is visible from the market open. Yes, growth is the priority, but the entry point, as always, is through a correction in order to be able to open a trade with a better risk-to-reward ratio. As the corrective area I’ve highlighted the light green zone — this is the 50% retracement of the previous weekly candle between 1.4094 and 1.4049. The main thing is not to go below it. If the price goes below, then the buy setup is cancelled, although the bullish structure remains intact. Last week took liquidity from the low of the previous weekly candle at 1.4005+/- and closed with a reversal candle in continuation of the uptrend (Si2), so I don’t see any point for a major player to push the price down again. If buyers are strong against the backdrop of the escalating conflict between Iran and the US, then the rise will follow without a deep correction.