Key Levels to Watch
The mean value generated by Bro In Finance’s proprietary machine learning models stands at 1.36532, indicating a potential downward movement for the USDCAD pair. Key technical levels include the Pivot Point (P) at 1.36958, with the first support level (S1) at 1.36549. These levels are crucial for traders to monitor as they may act as significant price barriers during the trading session.
Trade Setup:
- Trade Type: Sell
- Entry: 1.36815
- Stop Loss: 1.37015
- Take Profit: 1.36615
- Risk to Reward Ratio: 1:1
Given the current market sentiment and technical setup, selling USDCAD at 1.36815 with a target of 1.36615 could be a favorable trade. The stop loss is set at 1.37015, providing a balanced risk-to-reward ratio of 1:1. This trade is based on the bearish outlook suggested by the model mean value and the proximity of the S1 support level.
Conclusion
The USDCAD pair is poised for potential bearish movement, with key levels and market sentiment favoring a sell position. Traders should remain vigilant of market shifts and economic data that may impact this setup. And that winds up the The Best USDCAD Daily Analysis for 19th August 2024
May the pips be with you!!!!
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Written by D Fernando
