USDCAD To Keep Climbing Towards Previous Month's High
Strategy:
Looking at the 4h chart of the USDCAD it’s pretty obvious that we do have an uptrend with price making HH and HL on its way to the upside. Since our view is bullish we will focus on if (or when) the current correction (pullback) is over so to start looking for a buy opportunity trying to catch a new impulse to the upside.
Setups:
Switching to the hourly chart we may see that price rallied from 1.13500 taking out the last swing high of the short term downtrend (correction. Most likely the correction is over and a new impulse has began. Using fibs to measure the smaller impulse which took out the swing high I’ve highlighted a buy zone where you may watch for buy setups as soon as price enters. As take profit targets aiming for the 1.27 and 1.618 ext of the short term impulse is the way to go.
Looking at the 4h chart of the USDCAD it’s pretty obvious that we do have an uptrend with price making HH and HL on its way to the upside. Since our view is bullish we will focus on if (or when) the current correction (pullback) is over so to start looking for a buy opportunity trying to catch a new impulse to the upside.
Setups:
Switching to the hourly chart we may see that price rallied from 1.13500 taking out the last swing high of the short term downtrend (correction. Most likely the correction is over and a new impulse has began. Using fibs to measure the smaller impulse which took out the swing high I’ve highlighted a buy zone where you may watch for buy setups as soon as price enters. As take profit targets aiming for the 1.27 and 1.618 ext of the short term impulse is the way to go.
Trade active:
Stop loss at 1.30500
