USDCAD produced a bullish daily candle yesterday. On the H4 chart, a double bottom has been formed and the neckline has been breached. The price has been having a correction and very adjacent to the breakout level. Thus, if we get an H4 bullish engulfing candle at that area, a breakout at yesterday’s highest high would be the signal to go long on the pair. Let us have a look at the H4 USDCAD chart.
This trade idea was generated by our powerful Elite Swing Trader System.
The price went up to the level of 1.32120 yesterday and started having a correction. It has been testing the level of 1.31750. The level has been working as the level of support. If the level continues to be held by the H4 candles and produces an H4 bullish engulfing candle, then an H1 breakout at the level of 1.32120 may attract the buyers to go long and the price may land at the level of 1.32555 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.32156
- Stop Loss: 1.31766
- Take Profit: 1.32566
The neckline of the double bottom lies a bit further up. The price seems to have found its support a bit lower than the neckline or breakout level. It means we have had a little adjustment here. This world is not perfect neither the Forex market is. We often need to adjust. Here is an example of that.
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