USDCAD 4H RSI & MACD Bullish Divergences Buy Limit Order

USDCAD

We have multiple bullish divergences here indicating further movement up after a short retracement down finishes. The order is put near the weekly 50% fibonacci level and take profit is aimed at a resistance level that has been strictly respected in the past. Although I will be monitoring price action in case the retracement isn't that deep and the position can be opened earlier.

Comment:

If there is no deep and it simply continue the movement up right now, I will open the trade manually.

Comment:

Looks like we had a fall down to the projected area due to economic news release. However the price stopped falling at a weekly 61.8% level instead of initially mentioned 50%, forming an inverted hammer on the hourly chart. The price might consolidate at this level for a while but if it starts making bullish moves, I will activate the trade from there.

Trade active:

The planned levels reached, the trade has been activated.

Trade closed: stop reached:

The economic news impelled the price downwards. Stop loss reached.