After an impulsive week on this pair we still believe that the USDCAD is bullish,
based on the analysis we have seen the pair created a left shoulder and its on its way to
creating a right shoulder ,
the right shoulder should be completed on the support area and that falls in line with the Fibonacci retracement 61.8%.
I will only take the trade if i see a candlestick rejection of the support area alongside other confirmations.
Confirmations would be :
1 - Rejection of the support area
2 - Right shoulder complete to for ma head and shoulder pattern.
3 - Rejection of the fib level 61.8% - 78.6% (the support area is between those levels)
4 - Candlestick rejection (Pinbar or a doji)
based on the analysis we have seen the pair created a left shoulder and its on its way to
creating a right shoulder ,
the right shoulder should be completed on the support area and that falls in line with the Fibonacci retracement 61.8%.
I will only take the trade if i see a candlestick rejection of the support area alongside other confirmations.
Confirmations would be :
1 - Rejection of the support area
2 - Right shoulder complete to for ma head and shoulder pattern.
3 - Rejection of the fib level 61.8% - 78.6% (the support area is between those levels)
4 - Candlestick rejection (Pinbar or a doji)