My analysis on this 1D chart for USD/CAD looks at the possibility of a break out of the descending pattern we have been in since the first quarter of 2020.
We have just seen a lead to a third tap on the resistance of the overall channel lines. I identify these two events as indicators of a break out of the descending .
I have accounted for an expected retrace to test the resistance line, which would turn to support, before properly impulsing bullishly. It is at this point of retrace where I would look to enter the position, with a stop loss of just below where the bull flag's support is.
I also believe that this will be a large move, with plenty of opportunity to scale in - helping to maximise profits.
Please let me know your thoughts. Any comments will be taken on board, as I try to learn further and progress from experienced traders.