• Vasily Trader

USDCAD: Top-Down Analysis & Confirmation to Buy

USDCAD is trading in a bullish trend from the beginning of June.

1.28 is a current local structure high.

From that the price retraced.

Currently, the market is standing around a previous daily high level.

Being a strong demand zone , I am looking for trend-following opportunities from there.

For now, on a daily time frame, I see a nice sequence of dodji candles.

As we know, being formed on a key level it leaves a strong bullish clue.

My confirmation to buy will be a breakout of a 4H horizontal decision range.

For now, the price perfectly trades within that and it signifies local indecision.

4H candle close above its resistance will be the trigger.

Goal will be 1.277

Breakeven point - 1.272

In case of a bearish breakout of the range, the setup will be invalid.