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Charts247TradingAcademy

USDCAD READY FOR STRONG RECOVERY

Long
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
Charts247TradingAcademy Updated   
FX:USDCAD   U.S. Dollar / Canadian Dollar
Trend Analysis Chart Patterns Wave Analysis USDCAD usdcadlong Technical Analysis pricebehaviour
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trendanalysis chartpattern waveanalysis usdcad usdcadlong technicalanalysis pricebehaviour

We have been watching this one very closely, Canadian Dollar has been very strong in recent days even with the strong Dollar on Friday, price continued to trade lower below the Momentum low. On Friday, some positive news for USD but bad reaction in USDCAD which suggests the pattern hasn't been completed.
The way to look at this is very simple, Think like a Fundamentalist, Trade like a Technician. The fundamentals are Positive towards USD, but technically we must wait for failure to make a lower low.
We have seen a failure from a lower time frame, and the invitation is accepted to go long from current level.
BUY @ 1.3095
SL: @1.3080
Target@ 1.3374
Trade active
Comment:
Price back above the momentum low. More buyers
Comment:
Price acceptance just above the Momentum Low.
snapshot
Comment:
snapshot
USDCAD still printing higher low from momentum low.
Trade closed manually:
More strength into CAD.
+89Pips
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