USDCAD has been producing bullish moves, creating a possible uptrend on the Daily and 4H TF's. I want to take advantage of a the reversion to mean trade before buying this pair. A conservative TP can be placed at the completion of AB=CD for the correction. An unhit weekly pivot sits below price and is confluent with the 200 daily EMA for a possible T2. SL is placed tightly above recent highs as breaking this level will put me in the bullish camp.
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Trade Closed manually: Now bullish on this pair. Bullish engulfing forming on the 1H. Focus now placed on CADJPY short