Coming up Long trades for USDCAD
So as the title says, these setups are coming up in my opinion if the retracement continues. They are invalid if the price goes bullish past the current high. A short play until the markers could be made if you like the idea, but these setups are looking at the larger picture. We have been in a large bullish channel for a year now when it comes to USDCAD. We have pretty clear buy and sell zones in this channel. Along with this we have a could of shorter support and resistance lines that the price has now broken. I see two possible buy setups in the near future for USDCAD. One is that if the price does play off of the resistance line, which happens to be just in line with the .382 retracement mark. If this short retracement does happen I would look to buy when the price begins to go long again. The other scenario that is possible is if the price decides to retrace back to the bottom of the channel. In this case its an obvious setup around the buy zone, which is between the 618 and 786 marks. Please trade at your own risk. Happy trading.
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