USDCAD touched a previous demand level Thursday and Friday, which is right around the round number 1.3000. Later on Friday it pushed off that level, and I believe the pair will become bullish again in the near future.
When a setup like this occur, we will often see a retracement to the 0.618 fib, and then a continuation. I usually take profit at a 100 % extension from the 0.786.
Notice that even if it's not ready to become bullish just yet, it's very possible for this setup to complete anyways, as a small rally also fits into a complex pullback at a higher timeframe.
Buy @1.3010
Stop loss @1.2996
Take profit @1.3068
Reward to Risk is about 4:1
(setup (as it is) is invalid if price goes above 1.3070 before the buy-order is triggered)
Best regards.
When a setup like this occur, we will often see a retracement to the 0.618 fib, and then a continuation. I usually take profit at a 100 % extension from the 0.786.
Notice that even if it's not ready to become bullish just yet, it's very possible for this setup to complete anyways, as a small rally also fits into a complex pullback at a higher timeframe.
Buy @1.3010
Stop loss @1.2996
Take profit @1.3068
Reward to Risk is about 4:1
(setup (as it is) is invalid if price goes above 1.3070 before the buy-order is triggered)
Best regards.