USDCAD is trading in a bullish trend from the beginning of June. 1.28 is a current local structure high. From that the price retraced. Currently, the market is standing around a previous daily high level.
Being a strong demand zone, I am looking for trend-following opportunities from there.
For now, on a daily time frame, I see a nice sequence of dodji candles. As we know, being formed on a key level it leaves a strong bullish clue.
My confirmation to buy will be a breakout of a 4H horizontal decision range. For now, the price perfectly trades within that and it signifies local indecision. 4H candle close above its resistance will be the trigger.
Goal will be 1.277 Breakeven point - 1.272
In case of a bearish breakout of the range, the setup will be invalid.
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It could be a nice buy oppotunity. On D1 chart ichimoku cloud is giving buy signal the stochastic and rsi too. For me is the triger for entry the brekout the 200 ma on D1.The majority of hedge funds are buying.So Lets hunt some pips