USDCAD has also bullish with the structure of higher highs and higher lows. The price of the support level where we are looking to go long is at 1.3620. The trend is already bullish and we are looking for another mark up or impulse wave towards the resistance level upwards.

The descending trendline has broken out for buys and the market has validated the buys. Now, with the formation of descending trendline after the breakout buy on H4, we will look at the h1 breakout buy. 

The retracement level of 61.8% is in confluence with the support level. 

EMA 50 is bullish and the market has broken out for buys. Another retest at the EMA 50 will form a confluence strong enough.

RSI is at 63. It needs to dwell towards the over sold region from where the bullish divergence can be formed and market can continue moving up.

USDCAD double bottom 1.3620

Oct 17 2023