TheSignalyst

USDCAD potential bullish reversal

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FX:USDCAD   USA-dollar/Kanadensisk dollar
on DAILY: USDCAD is sitting inside a strong support area in orange, and almost filled the previous GAP, so we will be looking for objective buy setups on lower timeframes.

on M30:

Short-term: we are waiting for a new swing to form around our blue trendline to consider it valid and enter on its break upward.

Long-term (conservative): we are waiting for a new swing to form around our red trendline to consider it valid and enter on its break upward.

we also have a regular bullish divergence on MACD adding more confluence to our buy setup.

Meanwhile, USDCAD would be overall bearish , until a buy setup is activated.

This analysis is done using RichTL
www.RichTL.com

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