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MtxTrader
Dec 6, 2016 8:34 PM

USDCAD Bullish Long

U.S. Dollar/Canadian DollarFXCM

Description

A strong daily bullish candle at the support price is at right now may begin a bullish move up to 1.3500.

The candle forming currently is not overly bullish as it has a small body, so it's smarter to wait for a stronger confirmation signal.

Where price has been at since mid-October is a result of the breakout of an ascending triangle setup. Price also retested the broken triangle resistance as support on 2016-11-08 and 2016-11-09.

Now price is once again in this zone with a similar retest and a slightly lower bottom.

Onwards & Upwards.
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