It seems that USDCAD has hit rock bottom, reaching a strong support level showing buyers have emerged at this level. The fundamental landscape has been very negative for the US dollar but I think this time the unexpected will happen and we will see a rally.
Buying after this bar closes, as long as above the blue line is a good idea, but we can also attempt to buy a minor retracement, if any, or market buy now and scale in on a retracement. Stop loss should be below the blue line, with some wiggle room based on ATR.
If this turns out to be a triangle, we will see a thrust down, in a potential 5th wave of the last impulsive move down.
Then it'd be a no brainer buy to rejoin the bullish trend.
IvanLabrie
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Looks like a triangle indeed.
jangseohee
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IvanLabrie
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On the same page then.
IvanLabrie
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Spike and euphoria around there.
mkdeep04
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thks will watch that area... should bounce from there as dxy showing sign of up move
IvanLabrie
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Not yet, let it fall before you buy. Or short this last leg down.
IvanLabrie
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Nice mode buildup higher, next move should be a strong run up.
IvanLabrie
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Larger timeframe makes me doubt of the long here, considering how the moves evolved, same as in EURUSD and GBPUSD.
Crude might still have some room on the upside.