USD/CAD Price Analysis: Bulls pile back in with 1:3 R/R on the table

• USD/CAD has moved back into bullish territory.
• Bulls can get back on board protected by a stop loss to target the 1.33 area.

The following trade setup is a continuation of the prior analysis and a trade setup illustrated last week which can be seen here:

• USD/CAD Price Analysis: 1:3 R/R buy setup, target 1.3300

Due to unfavourable price action, the initial setup was abandoned and an order was placed at breakeven as follows:

The price triggered the sell order and we went back to the drawing board. 

On Tuesday, the price continued higher taking conditions on the 40hour time fame into bullish territory yet again.

This opens the prospects of higher highs and an opportunity to get on board with the bullish environment or a second crack at the whip as follows:

4HR chart

For a history for how the trade setup has been derived, USD/CAD Price Analysis: 1:3 R/R buy setup, target 1.3300 details all.

The price action will be monitored from a 4-hour time frame for an opportunity to move the stop loss to breakeven and followed up in subsequent fresh news stories.

Links to those follow-ups to come…