USDCAD - Long
Updated
USDCAD Currently in a nice uptrending channel. The ABCD pattern ends nicely at the Trendline drawn in the analysis. The idea is to wait for price to retrace down to the 0.618 - 0.707 fibonacchi retracement area, potentially test the channel and then initiate a buy. Profit targets either at support structure (1st arrow) or test of trendline (2nd arrow).
The 14-period RSI on 4hour currently shows Bullish Divergence but for added confluence and better entry be patience for price to retrace to the green box
Like and Follow!
The 14-period RSI on 4hour currently shows Bullish Divergence but for added confluence and better entry be patience for price to retrace to the green box
Like and Follow!
Note
Bigger picture to showcase the Trendline.
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