USDCAD: Top Down Analysis

8 Jan 2020

hey guys,

USDCAD has recently been very impulsive and we saw a very good rally from 1.33 level.

Now the market is trading around 1.30 level and I believe that for many market participants it is a very important structure zone.

if we execute a top-down analysis we can easily notice that higher timeframe leaves us clues that this level is decent,
moreover, this observation is perfectly converging with 4H chart and we see that bears have stopped on this level forming a double bottom pattern
and breaking above the range.

I think that there is a high chance to see a pullback from this level.

I bought the market and my target levels are 1.3045 and 1.3095

stop lies strictly below the range