USDCAD Bullish Flag on 1 Hour Time Frame

Last hour's candle touched the lower boundary of a bullish flag, which is also the 0.382 fib retrace of the 'flag pole' and the 0.618 fib retrace of the most recent major up move (Nov 10th to 15th). I'm looking to go long here to 1.2800 and will reassess my position at that point where price action may either continue or reverse.

The trading idea is invalid if price action breaks and closes below the lower boundary of the flag.

This is not trading advice.

Comment:

Price action has broken and closed below the lower boundary of the bullish flag, however I am not ready to abandon the trade idea quite yet. Price action touched a minor support level (see chart) at the 0.5 retrace of the Nov 10th to 15th up move. Watching now for signs of a reversal.