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.
Guest post by Colibri Trader