After reviewing the close of yesterdays daily candle, i am feeling very bullish with USDCAD for many reasons:
- Firstly we have a bullish engulfing candle - Secondly, the price failed to close below the previous lows (daily level -15/12/20), potentially trapping any shorts.
Therefore if we look for an entry on the H1 we can see some structure that we can trade off.
We have the 61.8% retracement, a nice flip point of support and resistance and its at the daily ATR.
I have similar set up on the GBPUSD on this.
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This trade was pulled as price already rejected near this level, therefore no trade