USD/CAD double bottom -> LONG

FX:USDCAD   U.S. Dollar / Canadian Dollar
We can have a long entry from current level (slighty above the 0.50 fib) with a first tp at 0.382 fib. If we switch to the 4h timeframe macd has a bullish divergence (see lower).
Going long in a situation where you have identified a downward channel seems a little risky, the MACD crossover helps but the signal line is still very negative.
+1 Reply
AdrianG7 SteveTobin
Good point. But I still believe we'll see at least a retest to the 0.382 fib. Time will tell. Anyway. it's a good risk/reward in my opinion. (1 to 3) There is also that pin bar on the second bottom. (wick = 2xbody)
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