USDCAD retracement or reversal

Long

U.S. Dollar / Canadian Dollar (OANDA:USDCAD)

Updated

OANDA:USDCAD U.S. Dollar / Canadian Dollar

supportandresistance fibonacci head_and_shoulder long usdcad

USDCAD

Hey Traders, I am currently looking for a bullish move. There is a possibility that we could see a head and shoulders formation on the 4-hour chart. If this occurs, I would enter at the shoulder with a stop loss 4 pips under the head. With the current strength of the dollar, there shouldn't be a problem. However, if it breaks the last low or closes below that low, I believe the trend will continue to be bearish. In that case, we could look for a move to the main level of 1.34000 and enter a short position.

However, I prefer the bullish move.

Comment:

Head shoulders worked perfectly! Now I would wait until it broke the main level and the search for some bullish entrys. Dollar looks bullish at the moment too.

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