USDCAD Price Action Analysis – 8th August 2018
USDCAD had a strong Bearish move on the H4 chart. Then, the price was within a range for a while. However, yesterday the price made a strong Bullish move towards the upside. The move made a breakout at the down trending Trend line as well. If the price makes another breakout towards the upside, then buying the pair would be an option for the traders to make some green pips. Let us have a look at the H4 USDCAD chart.
Have a look at those good-looking H4 Bullish candles. If we have a close look, then we see there is a Double Bottom as well. This means if the price makes an H1 breakout at the level of 1.30735 after producing an H4 Bullish Engulfing Candle, then the price will head towards the level of 1.31430 without having that many pauses. I assume the level of 1.30315 is the best level for the price to produce that H4 Bullish Engulfing candle. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.30735
- Stop Loss: 1.30315
- Take Profit: 1.31430
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
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In this setup, I am assuming that the price would trend from the level of 1.30315. It could trend from right where the price is now as well. However, the best option for the buyers would be if the price trends from little below (from our predicted Support level). This is when the trend will have more strength and it would attract more buyers.
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