USD/CAD: what is the best zone to buy and ride longs from?
As it can be inferred from the 2h timeframe graph, the price has nicely rejected the important zone of resistance plotted on the graph and is now headed to the downside. Due to the fact that the long-term bias remains bullish, we are eyeing "BUY" positions only.
The price is slowly but neatly approaching a very solid area of interest for buyers where 3 confluences nicely line up: lower boundary of the ascending channel plotted on the chart, area of previous resistance that has turned into support, and the 0.618 Fibonacci retracement level of the recent longer-timeframe impulsive candle.
Above-mentioned confluences make us confident in the fact that the portrayed area is a good level to go long from and aim for the moon.
The price is slowly but neatly approaching a very solid area of interest for buyers where 3 confluences nicely line up: lower boundary of the ascending channel plotted on the chart, area of previous resistance that has turned into support, and the 0.618 Fibonacci retracement level of the recent longer-timeframe impulsive candle.
Above-mentioned confluences make us confident in the fact that the portrayed area is a good level to go long from and aim for the moon.
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