Home Long USD/CAD trading opportunity on the 4H chart

Long USD/CAD trading opportunity on the 4H chart

I have been looking for a good opportunity to enter in a long USDCAD trade for quite some time now. It looks like the stars might have just aligned in the right direction.

I am looking at the 4H chart at the moment. It seems like we are not only in an uptrend, but also that price action is giving us green light for more bullishness.

Currently, there is a 2 Bullish Engulfing pattern on the 4H chart. The closest support level is at 1.2675. The closest resistance level is at 1.2925.

I will be potentially looking at the 4H chart and if the 2 bullish engulfing pattern is still valid, I might consider going long.

A potential target for this currency pair is the next resistance level, which is located at 1.2925.

A potential stop loss could be placed just under the level of 1.2695.

Happy Trading,
Guest post by Colibri Trader

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.