ThinkingAntsOk

USD/CAD on Bullish Territory

Long
FX:USDCAD   U.S. Dollar / Canadian Dollar
Good morning traders, today we will analyze USD/CAD in depth since last week there was an interesting breakout that is worth studying.

This analysis consists of 3 timeframes. The Weekly and Daily are merely context analysis, and the 4h timeframe will be in which we look for a potential entry into the market.

🔸Let's look at the Weekly Chart:


In this timeframe, we see that the price is bouncing off a large support zone , which was the starting point of the two previous bullish impulses. This is the first bullish sign. There is a possibility that in this situation we will see the same behavior.

🔸In the Daily Chart (published chart), we detected a break in the bearish channel that had been in force for more than a year, which is a great bullish sign. If we add this situation to the rebound in the support zone , it gives us a scenario of high bullish probability. The target that we consider probable is the intermediate resistance zone at approximately 1.3400.

🔸And finally, the 4H chart:


Here what we are going to propose is the scenario to wait to take a bullish trade. Under our trading style, the best thing to wait would be a corrective move that allows us to take a position with a high R/R, for example a bullish flag . If this happens, we will operate the breakout of the corrective structure and the stop loss will go behind it.

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Comments

Nice idea!
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Looking for pull back to long....
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Looking for continuation Upside 👏
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