1.3900 an Area to look out for LONGS (buys): Weekly, daily, 1hr
USDCAD Thesis
- Weekly: Usdcad market structure changed to bullish after break above 1.3190 daily zone. Price also closed above 1.3190 weekly zone signalling usdcad is in bullish territory.
- Daily: After break of major level 1.3190 i do now see USDCAD making its way to next possible target 1.3300. Market structure on daily the time frame is bullish for extra confirmation.
- 1hr: On lower time frames USDCAD has formed an inverse H&S pattern with its neckline (1.3190) major zone broken signalling that if this level is retested the bulls could push price to 1.3300 forming a new bullish leg and completing pattern.
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.