USDCAD- Price looking promising for long development

OANDA:USDCAD   U.S. Dollar / Canadian Dollar
Price has confirmed a higher high, we are now going to sit and be patient until a higher low is formed before going long, preferably out entry would be at the 50 fib level as we have a few confluences here, such as a structure level which price has respected previously, and we will be interacting with the 50EMA. Need to wait for a confirmation candlestick if we do come down to this level before entering.

Also supports my NZDUSD Short bias


I was looking at the same thing! Very nice, hope it will play out as we want it to!
Good luck :)
+2 Reply
TheBearTrader1 MikiThe2704
@MikiThe2704 hopefully mate, the oil weakness should play a part in this as it positively correlates with CAD๐Ÿ™
Thanks for sharing
+2 Reply
TheBearTrader1 CFDStephenwood
@CFDStephenwood no worries man๐Ÿ™Œ
Price now caught in a range, bounced off the 200EMA twice, and is being squeezed by the 8, 21, 50 EMAs from below. Direction of breakout is not clear so will need price action to confirm.
Beadesy Beadesy
*On the 4h chart
this is a short when oil pumps cad pumps 1.26 is target
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