USDCAD ANALYSIS WEEK OF JULY 17, 2016
Weekly chart is indicating a nice uptrend. There is no clear indication that trend has switched over to bears. That being the case lets look at the daily chart.
This week has given us a clear indication of an upward trend continuation. Lower highs were beautifully created on the daily timeframe. Let us go deeper.
Looking a the 4H chart we can see a bullish engulfing bar signaling the bulls are in control. If you wish to get into this trade a good entry would be between 1.29000 - 1.29500 area. Reasonable TP area would be around 1.31000 but if you wish to take it up a notch 1.32500 would be a nice area as well.
Happy trading everyone!
This week has given us a clear indication of an upward trend continuation. Lower highs were beautifully created on the daily timeframe. Let us go deeper.
Looking a the 4H chart we can see a bullish engulfing bar signaling the bulls are in control. If you wish to get into this trade a good entry would be between 1.29000 - 1.29500 area. Reasonable TP area would be around 1.31000 but if you wish to take it up a notch 1.32500 would be a nice area as well.
Happy trading everyone!