Hi Traders! USDCAD short term bullish opportunity forming at the moment. A detailed analysis of this potential buy setup is as follows:
USDCAD H1 Chart:
On the H1 chart the price which is moving higher has broken above the dynamic resistance and is holding above it. There are two possible scenarios from here, which are as follows:
In this scenario we may expect the price to create one more push higher before deeper pullbacks. We may then start looking for buys with more bullish evidences.
Alternatively we may look for pullbacks to happen towards the broken trend line and then we may start looking for buys with more bullish evidences.
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.
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