USDCAD Shall we Buy or Shall we Sell [Long term scenaio]

1 Jun 2020

Analysis :

• Price is in a descending channel,
  
• Price is on a solid resistance zone,
  
• Bears are rejected on both [Our resistance zone & the descending channel down bound],
  
• Daily candlestick close above[Our resistance zone & the descending channel down bound].
  

Buy :

• Wait Pullback confirmatio,
  
• Wait for a rejection candle pattern to form e.g. bullish engulfing , pinbar , Insidebar etc,
  
• Initiate BUY order,
  
• Targets next resistance zone [~1.38],
  
• SL under our resistance zone [~1.366],
  

/!\** Disclaimer**/!\
The scenarios described in this analysis are subject to change at any time without prior notification. This analysis is provided as a decision support.

Traders! | if you like my analysis and it supports you in your trading decisions, please say it in a comment so we can manage the trade together.
Thanks.



A bearish engulfing pattern has emerged at the bearish bat pattern potential reversal zone.
***This idea is only for educational purpose. Not a financial advice***
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