This USDCAD long trade is ONLY a CONTINGENCY, a potential due to the fact that it MAY bounce from the long-term . To be honest, fundamentally I'm on CAD as I'm expecting oil to be due to overflowing supply and weakness in the Canadian economy.
So to jump on the technicals, We will get LONG ONLY IF the following set-ups take place:
1. Price action around 1.3428 to 1.3545 HOLDS as it is fibo retracement zones confluent with and horizontal support areas.
2. IF it holds, the candle should CONFIRM. There must be a candle ( , harami, piercing line, etc.)
3. Once it closes with a candle, we ENTER
IF any of the above will not take place...then THERE IS NO TRADE. I'll keep holding on my shorts and keep the profits fat.