USDCAD - Bullish scenario
Monthly & Weekly chart We have a big bullish engulfing candle on the weekly chart engulfing the last 2 weeks probably because we hit a 50% retracement level from the last impulsive move that we started at 16 May 18'. We are also still in a bullish channel. Bias is bullish and we are looking for a higher high around the 1.36 level which is also a 1.272 extension level.
Daily chart EMA's are now looking to crossover meaning a bullish up move is going to take place as expected from the weekly analysis. If we break the bearish trend line we anticipate a retest and move up the previous highs.
Trading plan Wait the break of the trend and a retest to go long. I will not look for shorts as the overall bias is bullish
Daily chart EMA's are now looking to crossover meaning a bullish up move is going to take place as expected from the weekly analysis. If we break the bearish trend line we anticipate a retest and move up the previous highs.
Trading plan Wait the break of the trend and a retest to go long. I will not look for shorts as the overall bias is bullish
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