- NZD/CAD has burst to the upside from a key support structure, en-route to the target.
- NZD/CAD is playing out in a bullish continuation.
In a continuation of the following analysis from Thursday's Asian session, NZD/CAD Price Analysis: Bulls look for a break of critical resistance, the price has played out according to the trade-plan, so far.
As a recap, in the prior analysis, an opportunity on the daily time frame was identified for a long entry on a buy limit from the 4-hour structure for a discount.
Daily chart
-637401319050551802.png)
4-hour chart
-637401322336664182.png)
Meanwhile, the price action since the analysis has played out as follows:
-637402247623817104.png)
As it stands, the price has rallied strongly and would be respected to correct.
However, it would be prudent to move the stop loss to breakeven at this juncture for a risk-free position that has the potential to return 3X.
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