possible bullish move for a few days

24 окт. 2021 г.

Daily is supported by an engulfing green candle on Thursday, Friday although had some big moves it ended likely an indecision situation. Price did create higher high and higher low on daily. I'd like to be convinced that the doji created on 21st on 4H is a validated dragonfly doji, hence a gradual continuation of bullish move in the next few days

USDCAD has been extremely bearish for the past few weeks, last week's move left a green doji on the weekly chart; with the support of another doji on 4H, I'd like to see some further upmove this week if the US dollar can support it. Currently Oil price is supporting the CAD, US dollar is still weak BOC rate decision is happening on Wednesday so I'd be cautious about the trades. Maybe some profit taking happenning soon before Wednesday.

RSI on lower times have achieved above 50, which also suggests a possible bullish reversal (if it gets supported this week). However the Wednesday Monetary policy report and rate decision may have big impact on how this pair moves so I'd suggest to watch closely (and TP before)

Entry: 1.23464

SL: 1.23264

TP: 1.24075

Expected Pips: 20-60 pips

Expected Timeline: 1-2 days


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Disclaimer:
Chart is static market is not. I learn from loss and mistakes like everyone. No financial advise is given here. Your money your own risk. :) And Good luck.