USD/CAD Price Analysis: Bulls finally catching a break?

  • USD/CAD bulls taking back the baton and breaking resistance.
  • Bullish conditions on the daily chart favour a bias to the target. 

In what has been a gruelling sideways chop, the price is finally making a more of a decisive move to the upside against a bullish backdrop on the longer-term time frames. 

At the time of writing, USD/CAD is trading at the highest level since September 11th and testing the 1.32 area with a high of 1.3206.

The following offers a bullish bias and offers yet another opportunity to take advantage of a bullish environment on the 4Hr time frame to catch what is expected to be a bullish wave and completion of a bullish reverse head and shoulders.

Starting with the prior 4HR analysis from an earlier article, that can be read here, USD/CAD continues to tread dynamic trendline support, bulls eye 1.33 area, the bulls have bust out from below the resistance:

A buy limit order can now be placed at 1.3181 support structure with a stop at 1.3143.

Update: Order filled, monitoring for breakeven

Update: Target moved to breakeven 

The price has fallen back into the consolidation zone and close to stopping the trade out. 

The daily chart has resulted in a huge bearish wick which totally invalidates the bullish outlook for the time being. 

Good trading is gauged by trading a proven strategy in the right way, not by winning or losing on individual trades. 

The trade will potentially result in a loss.

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