Hi Traders! USDCAD bullish opportunity is forming at the moment. A detailed analysis of this buy setup is as follows:
USDCAD Daily Chart:
On the daily chart the price which is moving higher has created a perfect uptrend line and is respecting it so far. Currently the price has reached this dynamic support and is moving higher. We have a hidden bullish divergence that has formed which we may consider as an evidence of bullish pressure. In addition to this we also have an alternative trend line and the price is respecting it so far. Hence there is a good chance that the price might move higher until it reaches this dynamic resistance again. We may now look for more bullish evidences on lower timeframes in order to join the bulls.
USDCAD H4 Chart:
On the H4 chart we have a bullish divergence that has formed which we may consider as an evidence of bullish pressure. In addition to this we also have a downtrend line and the price which was respecting this trend line so far has currently broken above it, which we may consider as another evidence of bullish pressure. Hence everything looks good here for the bulls.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
If you want to learn how to do such analysis yourself, if you are looking for a professional team of traders and one of the best online trading communities, If you are looking for enormous archive of Webinars, Trading Tools, Trading Strategies, Books, Indicators, Expert Advisors and much much more, join my traders academy club for only $97 PER YEAR.
Also you can get one of my strategies free of charge. You will find all the details here
Chief Trader at Traders Academy Club