Looking at this pair, USDCAD is looking bullish after a possible 50% Fib re-tracement to 1.32000, not to mention this being a psychological level too. Await bullish price action around this level and other confluence such as MA/EMA rejection or cross over then bullish to 1.33000, again a psychological level and I believe this has further upside potential to 1.35000 and thinking even longer term, upside potential to 1.38000. This analysis was formed from a topdown view and on the 4H chart. I will be looking for entries on the 4H chart and once I have found a possible entry I will look at price action on the 1H and 30M chart to confirm my entry. If no re-tracement happens then I will be long to the levels mentioned above.
Comment:
This trade is going exactly as described, re-tracement has commenced and is heading down to 1.32000. I did have this trade open however a stop loss hunt caught me out and I missed the re entry opportunity. Therefore I will be looking for a re-entry after some bullish price action and other confluence around 1.32000 to enter bullish. I will await this trade.
Comment:
Pair hit 1.32000 and then formed a Morning Star Formation and is currently heading bullish again as described. Pair is still in a bullish flash formation and I will be looking to enter once 1.33500 is broken and confluence is there for a bullish entry. Missed the morning star as it occurred at around 02:00 GMT and now the RR doesn't fit for me to take this trade and the pair is heading to a weekly resistance. Will await the trade to come to me.