USD/CAD Daily Analysis – Long at 1.36? Bull Channel Continues!
USD/CAD has had a hard rejection at the top of the Daily Bull channel. Unfortunately, we did not close the gap between 1.39 and 1.40. Instead, we fall back down to the 1.36500 area and still have some room to fall. I would start longing around 1.36, look for entries on the 1hr or 4hr chart and hold a position until the top of the bull channel.
1. We're in a Bull Channel which means we have a better chance of profit longing.
2. Buy in the 1.36 area or lower.
3. Wait for a bull signal and confirmation bar closing on or near its high.
4. We still have a gap to fill up to 1.40. I would look for a long and hold at least some of your position to just under that level.
5. RSI has room to fall before a bounce. Use as a weak indicator supporting the first 4.
As always, trade at your own risk, you are responsible for your trades. I hope this analysis was insightful and useful.
Trade wisely and let us know what you think in the comment section below!