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Usdcadsetup

USDCAD 4hr TF After an uncorrected 350 pips rise, a pullback is necessary for USDCAD to swing bullish and surpass recent highs of 1.38060. I anticipate that the currency pair will react in the 1.36654 - 1.36844 area, which I find to be of high interest. Within 12 days, USDCAD has increased by 2.63%, but I am expecting a 1% pullback before it moves higher. Several confluences, including the structure, decline trend line, incline trend line, and reversal point, suggest that USDCAD will hit the area of interest within the next two trading days. Furthermore, I anticipate a bullish -0.27 target Fib.
Short
by ChartStrategist
1
Multiple order blocksThe three drives completion was followed by a bullish engulfing candlestick which indicates a complete take over and price raised all the way up to violate the supply zone. Price was nicely rejected and decreased to change market structure, initially tested the demand zone and made a retest which led to a minor manipulation then pushed to the upside with this long candlestick, but failed to activate the order block and dropped without fully correcting the inefficiency. This massive drop stopped at level 1.35073. Price made a pullback to the breaker block and declined to violate the demand zone. This doji candlestick shows loss of bearish momentum, currently looking for price to appreciate to the supply zone at 1.35791, then we’ll evolve with the market from there…
by tokelohomi