This USD/CAD Long Set Up is based upon various Technical Analysis.
USD/CAD looks and any XXX/CAD pair longs look extremely good as of recently due to CAD depreciating due to the Crude Oil price drop as of recent heavily impacting the CAD making it weaker. The DXY also looks as if it has completed it's retracement and prepared to move higher once again.
This trade is being taken with multiple targets at various minor psychological levels alongside this the Trend Line has acted as a great form of support for a extended period of time dating back to nearly early November. The 4h candle closure looks as if it will be a hammer candle indicating buyer pressure and maybe another potential leg up.
The Moving Averages on the Higher Time Frame's Weekly and Daily have bullish moving averages indicating a lot of buyer pressure if we look closer into the Higher Time Frames on the daily we can see a series of Higher Highs and Higher Lows being formed showing a healthy bullish trend.
USD/CAD looks and any XXX/CAD pair longs look extremely good as of recently due to CAD depreciating due to the Crude Oil price drop as of recent heavily impacting the CAD making it weaker. The DXY also looks as if it has completed it's retracement and prepared to move higher once again.
This trade is being taken with multiple targets at various minor psychological levels alongside this the Trend Line has acted as a great form of support for a extended period of time dating back to nearly early November. The 4h candle closure looks as if it will be a hammer candle indicating buyer pressure and maybe another potential leg up.
The Moving Averages on the Higher Time Frame's Weekly and Daily have bullish moving averages indicating a lot of buyer pressure if we look closer into the Higher Time Frames on the daily we can see a series of Higher Highs and Higher Lows being formed showing a healthy bullish trend.