Possible Long opportunity on USDCAD Daily Heikin Ashi chart. Pros: 1. Price formed double bottom at S1 level pivot point 2. StochRSI is in oversold area. 3. MACD formed bullish divergence 4. Price formed doji candle followed by strong bullish candle Cons: 1. Price is below 50, 100 and 200 SMA (simple moving average) - still a longer-term bearish trend.
This view combine Pivot points with Fibonacci extension and is showing that price has reached critical resistance3 (R3) which lies at 161,80% Fibo extension. Expecting correction which can represent possible wave 4. Still a strong bullish uptrend, but I would be carefull with short-term buy positions now.