USDCAD has given us a 100% retracement at the moment/ double bottom and seems to want to push up having the 1.2855 holding at the moment. In any case if this level doesn’t hold it’s an excellent place to take a shot to go long as we can minimize our risk with a small stop loss. With bad news coming out of Saudi Arabia at the same time, we could see a US open to the upside. The only risk I see at the moment is the risk of CDN interest rate rise tomorrow, as they have mentioned that they wanted to raise rates by .5% this year.
Here are the technicals and price action analysis:
As we can see on the Weekly Chart this area is and important area of support and resistance.
On the Daily Chart we have a 100% retracement off of the pinbar I had mentioned about 2 weeks ago.
On the Hourly chart we have a 3hour bullish signal, theses signals could only be valid for a few hours but due to circumstances, we can use it as a valid signal. H4 has not yet closed, and has another 1h30min to go, but if everything goes according to plan we should have a nice H4 pinbar, which we could look for a 50% retracement entry of the H4 if it forms.
Seems like the charts are aligning,
Trade Safe!! 🙂