Hi Traders! We have USDCAD Swing Point Trader based buy idea. A detailed analysis of this potential bullish setup is as follows:
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USDCAD SPT Scanner:
On the SPT Scanner we can see that W1, D1 and H4 timeframes are bullish, this means basically the indicator spotted that the most recent swing point on these time frames was a swing low, and since then the momentum is bullish. As all these three timeframes are bullish we may look for possible buy setups with bullish evidences while these conditions holds.
USDCAD D1 Chart:
On the daily chart we have a green could and also the trend scan is green as well, these represents the bullish market conditions. We also have a good uptrend line that has formed and the price is respecting it so far. Until this dynamic support holds, we may look for evidences of bullish pressure on lower timeframes in order to join the bulls.
USDCAD H4 Chart:
On the H4 chart we have a bullish cloud and the trend scan is green as well. In addition to this we have a good downtrend line that has formed and the price is respecting it so far. If we get a valid breakout above the yellow trend line or the most recent high, we may then look for possible buys with more bullish evidences.
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