USDCAD Go Long Entry Trigger Not Met Yet Of Posting
This trade looks very promising. The market is currently moving in a descending triangle as shown. This means lower lows and lower highs. We are currently approaching the low of the edge of the triangle. Secondly, the 50 Period EMA has been dis-respected therefore we expect it to bounce back from it. Thirdly, the market is moving above the 200 EMA supporting the trend that the market is moving in the uptrend. We are currently looking for an entry point to go long which could include a MACD signal overlap (which is looking very probable and soon) and some sort of bullish candlestick pattern.
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Make sure to place your stop loss at some higher edge of the triangle
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There is a possible chance of a market breakout due to the consolidation taking in the descending triangle so be careful and manage your risk with a stop loss.
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However, I would expect if there were a breakout for it to be on the bullish side as that's the trend the 200 EMA is showing us
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Looking at the lower time frame we can already see strong price rejection represented by the longer lower wicks of the candles represented by the recent candlesticks
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Time to enter this trade I would say is now