JasvinderMahay

USA/CAD Bullish on monthly Charts

Long
FX_IDC:USDCAD   U.S. Dollar / Canadian Dollar
6
Bullish Continuation Pattern
I ( and my school of thoughts) don't believe in patterns for historical precedents but let me share my study on USD/CAD pair:
  • Uptrend on Monthly TimeFrames.
  • Uptrend on Weekly TimeFrames.
  • Uptrend on Daily TimeFrames.
  • Uptrend confirmed by EMA20 & 50 period on monthly,weekly and daily.
  • Trade on Higher Time frame H4(240)
  • DXY below 100

Tested old highs of 2004/MAY/3, it is likely to incur selling pressure from previous bought levels. This likely to make price consolidate with a tendency toward a downtrend trend for a period up to four weeks, before advancing higher.

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