USDCAD has been in a bullish trend. Market tapped the resistance and then took a correction leg towards the 1.2910. This support area is the price point where market will be forming a double bottom. This double bottom will be our long position. It should be noted that market is forming a higher high and higher low. This structure depicts a bullish trend in the overall view for USDCAD. 

There are two trendlines in action. The first ascending trendline has been broken out for sells, but the market structure still remains bullish as the market is still above the support and in a bullish trend. The second trendline is the descending trendline, which is in lieu with the bullish trend. The trendline is in formation and needs to be broken out to confirm the breakout buy from the support level. 

The golden retracement level is in confluence with the support level. This confluence is the technical factor we are waiting for USDCAD to tap so we hop onto our long positions. 

Both the EMA's are bullish, which means, both of them are below the current market prices. The death cross is also bullish. The EMA 50 has the potential to tap the support level with confluence of other technical factors. 

RSI is at 58 and CCI is at 47. Having both the oscillators in the bullish region, we have ascertained the fact of the bullish position. That being said, we will be looking for the oscillators to be neutralized. Once neutralized, all other technical factors will align with each other for the bullish continuation.

USDCAD double bottom buys

Jun 22 2022

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