There is an interesting daily candlestick pattern that has formed on the daily chart of USDCAD. It is an inside bar.
In this case, this means a trend continuation. Although, you will need to pay close attention to this one.
The pair is very close to a major resistance area. It might take some time to break above the 1.2900 level.
Alternatively, there might be a very quick break through this level.
A third possible scenario is to see a breakthrough and then a reversal daily candlestick pattern.
I think this might happen just after price touches the 1.3000 psychological level.
I will be looking for a confirmation pattern from the 4 hour chart. If such appears, I might enter into a long position. For now, I am patiently waiting and looking at price action.
In this case, this means a trend continuation. Although, you will need to pay close attention to this one.
The pair is very close to a major resistance area. It might take some time to break above the 1.2900 level.
Alternatively, there might be a very quick break through this level.
A third possible scenario is to see a breakthrough and then a reversal daily candlestick pattern.
I think this might happen just after price touches the 1.3000 psychological level.
I will be looking for a confirmation pattern from the 4 hour chart. If such appears, I might enter into a long position. For now, I am patiently waiting and looking at price action.