Ichimoku long setup: USDCAD

There was a massive sell off on the USD, thanks to Powell's speech. However, price has now reached equilibrium. On the H4 TF, we see a morning star formation and a doji sitting nicely on the kijun sen. The kijun level also happens to be the previous resistance turned support. All Ichimoku signs are bullish, with a parallel angulation of the tenkan sen and kijun sen observed on the daily TF as well. This suggests strong bullish momentum. %R confirms a bullish bias and there is hidden bullish divergence on UO.

Trade active:

Buy stop triggered.

Trade closed manually:

Trade was closed with 0.8 pips profit (break-even) because H4 tenkan is pointing downward, which suggests a possible bearish tenkan-kijun cross that would invalidate our long trade.