USD/CAD Bullish Marubozu on Daily Timeframe

The USDCAD has formed a bullish marubozu (strong momentum candle) on daily timeframe (see the mini daily chart) which marks an uptrend. Retracement towards POC might start at the break of trendline (red). If the price gets to POC (38.2, ATR low, D L4, EMA89)  the POC zone should spike the price further up towards D H3 at 1.3513 and D H4/ATR High at 1.3540. Only above 1.3545 we could see 1.3600.

USDCAD

 

USDCAD Current Trading Positions

Sell 60%
Buy 40%
100.0%60.0%060657075808590951000
Avg Sell Price 1.3354
Avg Buy Price 1.3353
Liquidity Distribution
1.31801.33841.36111.31801.33841.3611SellBuy

 

Trading with currencies and CFDs is speculative in nature and could involve the risk of loss. Such trading is not suitable for all investors. Before using the services of Admiral Markets AS please acknowledge the risks associated with trading, terms and conditions of the services and consult and expert if necessary.