On July 14 2021 I posted on social media “USDCAD will push higher towards the 1.2574 – 1.2614 area. Look for BUYING opportunities.“

The chart below was also posted on social media July 15 2021 showing the possible bullish scenario. Price bounced off the Dynamic Support 200MA  which also formed a bullish divergence pattern. The area of the bounce was also in a Demand Zone (purple) signalling traders that this was a key area where bulls/buyers were waiting. Entered the BUY trade at 1.2524 with Stop Loss at 1.2494 and  Targets at the 1:2 RR minimum with full target at the pitchfork upper line.

USDCAD 1 Hour Chart July 15 2021

USDCAD eventually moves higher and on July 19 2021 price hits the pitchfork upper line target and 1:5 RR target at 1.2674 from 1.2524 for +150 pips. A trader should always have multiple strategies all lined up before entering a trade. Never trade off 1 simple strategy. When multiple strategies all line up it allows a trader to see a clearer trade setup. 

USDCAD 1 Hour Chart July 19 2021

Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade.