The USDCAD 4-hour chart shows a potential long setup, but it comes with increased risk. Price has recently broken above a key resistance-turned-support level and is now pulling back for a possible retest. This could trigger a bullish continuation, especially with the 50 EMA now below price, supporting upward momentum.
However, the setup is riskier because the breakout is still fresh, and there's a chance price could dip back below the support zone.
However, the setup is riskier because the breakout is still fresh, and there's a chance price could dip back below the support zone.
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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.