USDCAD Analysis: Bullish Momentum

The USDCAD pair has been extremely bullish lately, which is why it caught my attention. We can see multiple breaks to the upside, indicating a strong trend. Despite expecting a potential pullback in the near term, the overall trend remains very strong. This is why I have entered a position on the 1-hour timeframe.

Using the WiseOwl Indicator, we can see that it has been capitalizing on the trend with previous wins of +3.96RR, +7RR, and +5.42RR. Currently, we are in a risk-free trade with the stop loss set at breakeven (BE).

The EMAs (20, 50, 100, 200) are all aligned to support the bullish trend. Let's see how this plays out! 💪