USDCAD (4H) price testing bull channel lower trend line
USDCAD (4H): After spiking higher off the 1.28000 zone, price is trading in a slight bull channel. Note however than in the short term we are still trading below the 20 SMA as well as the 50 SMA. We are currently at the lows of this channel. If the lower bull channel line holds my upward targets are 1.316x (previous high) then 1.328x (previous high), then finally the channel highs. If price breaks the channel lows my downside targets would be 1.30000 (round number) then 1.284x (previous low). Note: Even though we are in a up channel the price action is currently bearish. Wait for bullish price action before going long.
I may trade all, some or none of the ideas posted. All of my contributions are for educational purposes only. 'TRADE What You SEE'' and all the best!
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