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Buyusdcad

USDCAD, 4hr timeframe, buy pattern breakoutBased on the 4hr timeframe we could see price making a cup and handle pattern. Theres is also a chance it is a bullish flag pattern. This 2 bullish patterns make me more confdent in taking buy position in this pair. Price broke through daily structure area as well, we could take a buy position with stop loss below the stucture. Also keep in mind Canada getting a rating downgrade from credit agencies so it could give pressure to the currency. There is 2 place to take profit based on the pattern that play or on the resistance that will come in. The nearest resistance is at 1.3850 and next is psycholgical level 1.4000 Buy USDCAD around 1.3660-85 Stop loss is at 1.3575 Take profit 1 is at 1.3850 Take profit 2 is at 1.4000
Long
by HayatoDragonFX
USDCAD to Resume the Upside Move in Wave "iii"Hi Traders! The USDCAD H4 chart shows that the rally from 1.32499 to the top at 1.34501 is an impulse Elliot Wave structure. It has since made a deep corrective structure in wave "ii" which seems to have completed and unfolded as a zigzag pattern. Wave "ii" terminated at 78.6 Fib ratio of wave "i" and also last daily price action closed as bullish pin bar at support level signaling the completion of the correction. A buy order is ideal with a stop below the daily pin bar low but am going to be conservative on this setup and allow the price to break the Counter Trend Line for more confirmation. Thanks for reading! Veejahbee.
Long
by Veejahbee