FX.co ★ USD/CAD

I am already seeing a potential bottom forming in the currency pair, but I know from experience that trying to pinpoint exact market bottoms or tops is a thankless and risky task, as no one can ever be certain where they will appear, and such attempts often lead to unnecessary complications. I believe that in the current market situation, the structure is beginning to show signs of exhaustion on the downside, and I am therefore inclined to consider a long position. However, I also recognize that on the higher timeframes, a southerly zigzag pattern is still unfolding, which makes it unwise to trade aggressively against the broader movement. I am aware that without localized attempts at upward correction, it is difficult to justify entering short positions, as the market still needs to test and confirm key support areas. I notice that trading is taking place around the D1 trend line, and I specifically do not want to sell into any potential breakout of this structure. I have identified a support zone around 0.5700 on the H1 chart, which I consider critical for monitoring future developments. I understand that recent southerly zigzags on H1 have been frequent, yet I am not placing any buy orders prematurely. I am instead marking this zone and waiting patiently to observe how the candles behave around it. I will pay close attention to the formation of a bullish engulfing pattern, as I believe that such a signal would confirm buyer strength. If this occurs, I plan to open a buy position with a stop-loss placed just beyond the engulfing candle, aiming for a corrective rise toward the 0.5735 level. I prefer to act based on confirmation rather than anticipation, as I know the market rewards patience and disciplined execution.

I am currently analyzing the NZD/USD currency pair on the H1 timeframe, and I can clearly see that the technical picture is leaning toward a potential sell setup. I believe that the market structure, along with the recent price behavior, is pointing to renewed bearish sentiment, and I intend to take advantage of it. I am setting my entry point at 0.5702, where I expect sellers to regain control and push the price lower. I am placing my stop-loss order just beyond 0.5719 to protect my position from possible false breakouts or short-term volatility. I plan to divide my total position into three equal parts to manage risk more effectively and lock in profits progressively. I will close the first portion of my trade after a 17-point decline, which will allow me to secure initial profit and reduce exposure. I will then close the second portion after the next 17 points, ensuring that I steadily capitalize on continued downward