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USDCAD Analysis June 6, 2021

Long
FX:USDCAD   U.S. Dollar / Canadian Dollar
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On the weekly timeframe we are seeing signs of reversal here as we can look for price to come back after a long leg to the downside. The last few weeks have been forming doji candles which are reversal candles
On the h4 timeframe we have two potential plays on this one. We can either wait for a break of support at the 1.20200 level where we will look to continue to short this pair. Or we can go with the shifting momentum and take a long opportunity once we get price action confirmation at the current level. I will wait for a bullish engulfing or wicks before entering long

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