USDCAD: Looking for a reaction near a demand zone
I am looking for a bounce off the 1.3577 level (see 1H chart) on what I believe to be a demand zone. I will NOT be entering a trade until AFTER the US CPI data due for release at 12:30 GMT. I am looking for a hammer or engulfing candle pattern (on candle closure) as a signal to enter the trade and place my SL at 1.3560. TP will be 1.3600. If the price drops through the zone or I don't see the correct candle pattern I will scratch the trade. I will update later.
Note
We had a strong reaction to the upside on this pair. The 13:00 GMT 1H candle is about to close and I would normally enter a trade. However there is some short term resistance around 1.3610 giving a reward to risk ratio of just less than 1. For me personally I shall scratch the trade.
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