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MountOlympusFx

USDCAD Long: Weekly, Daily & 4hr Breakdown

Long
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
MountOlympusFx Updated   
FX:USDCAD   U.S. Dollar / Canadian Dollar
Trend Analysis Harmonic Patterns Chart Patterns USDCAD Forex
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USDCAD LONG THESIS

• Weekly: Price is now in expansion phase. Strong bullish candle broke descending trendline + 1.3100. Price in a bullish channel with price on its way to top trendline of the channel. Next target I believe is 1.3300 monthly resistance.

• Daily: Price on daily is in a clear up trend with high lows being formed and ascending trendline is being respected. Bullish candle broke through 1.3160 daily to create bullish leg at 1.3233. I now expect a rally up to 1.3285/1.3300.

• 4hr: After new highs at 1.3233 was formed price is now likely to retrace to 1.3160 + another touch of the ascending trendline before going long to 1.3285/1.3300 to form a new high.
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