USDCAD break...now to see if it holds.
USDCAD had our break last week. You can see this zone even on the daily chart, but I like the 4 hour because you can clearly see the transition of trends, from a downtrend to now an uptrend.
We may come back to retest the 1.3150 zone, which is normal for a breakout. Two entry ideas:
Either get in on the retest if it produces a good candle signal (engulfing). Or the safer way, await for the higher low to be formed on the retest, and then await the break of the 1.3188 zone which also creates higher highs.
For a take profit target I would watch just below the 1.33 zone.
We may come back to retest the 1.3150 zone, which is normal for a breakout. Two entry ideas:
Either get in on the retest if it produces a good candle signal (engulfing). Or the safer way, await for the higher low to be formed on the retest, and then await the break of the 1.3188 zone which also creates higher highs.
For a take profit target I would watch just below the 1.33 zone.