USDCAD 1H Analysis, 6th July 2021
4H Trend : Bullish
UCad looks like to make a bullish continuation chart pattern in 4H timeframe, we might see a penant/triangle is being formed.
Right now in 1H timeframe, the trendline is holding UCad and there's double bottom being formed, we could put long position from here with stoploss tight below the double bottom targeting 1.24500 as our 1st target
Trade Scenario 2:
To consider bearish in Ucad, it has to break the 1H trendline and make LL then we need to see a retest/LH to confirm that sellers are taking control. But in 4H timeframe it has to close below 1.22500 which is a strong demand area
UCad looks like to make a bullish continuation chart pattern in 4H timeframe, we might see a penant/triangle is being formed.
Right now in 1H timeframe, the trendline is holding UCad and there's double bottom being formed, we could put long position from here with stoploss tight below the double bottom targeting 1.24500 as our 1st target
Trade Scenario 2:
To consider bearish in Ucad, it has to break the 1H trendline and make LL then we need to see a retest/LH to confirm that sellers are taking control. But in 4H timeframe it has to close below 1.22500 which is a strong demand area
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