USDCAD, 4hr timeframe, buy pattern breakout
Based on the 4hr timeframe we could see price making a cup and handle pattern. Theres is also a chance it is a bullish flag pattern.
This 2 bullish patterns make me more confdent in taking buy position in this pair.
Price broke through daily structure area as well, we could take a buy position with stop loss below the stucture.
Also keep in mind Canada getting a rating downgrade from credit agencies so it could give pressure to the currency.
There is 2 place to take profit based on the pattern that play or on the resistance that will come in. The nearest resistance is at 1.3850 and next is psycholgical level 1.4000
Buy USDCAD around 1.3660-85
Stop loss is at 1.3575
Take profit 1 is at 1.3850
Take profit 2 is at 1.4000
This 2 bullish patterns make me more confdent in taking buy position in this pair.
Price broke through daily structure area as well, we could take a buy position with stop loss below the stucture.
Also keep in mind Canada getting a rating downgrade from credit agencies so it could give pressure to the currency.
There is 2 place to take profit based on the pattern that play or on the resistance that will come in. The nearest resistance is at 1.3850 and next is psycholgical level 1.4000
Buy USDCAD around 1.3660-85
Stop loss is at 1.3575
Take profit 1 is at 1.3850
Take profit 2 is at 1.4000
Trade active:
buy positon active