FX:USDCAD   U.S. Dollar / Canadian Dollar
USD/CAD             is an uptrend producing basic price action cyclicity and offering trend continuation entries at the end of consistent pullbacks. Today's bullish reversal bar, though appearing to be a high test close, suggests the resumption of bullish activity back in phase with the overall trend. I'm looking at the following to take a position north:

- low test close of 15th August 2014 rejecting:
- horizontal support (~1.0886)
- 0.382 (38.2%) Fibonacci level from previous swing low, also coinciding with the above mentioned support level at
- 20 ema
- trendline support
- current daily bullish inside bar being an omen of the impulsive wave of the trading cycle (after close above
horizontal support, trendline support, 0.382 Fibonacci level, and 20 ema )
- price action within bullish trendline

How to enter the set up:

- Entry 5 pips above high of today's inside bar (1.0903)
- Set stop loss below mother bar (Friday 15th August close)
- Target areas at previous swing high and above (possibly up to the 1.272 or 1.618 Fibonacci extension level)
(Reward:Risk > 2:1)

careful as your RSI is giving lower high and Chart gave higher high, it could have a big drop before going higher.

good luck
Yes Pritz, that's an absolute caveat to this trade. Thanks for adding it to the comments.
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