I see an opportunity to take a long position on USDCAD. Analysis performed on 4H timeframe.
USDCAD's overall direction is currently bullish. After an extended bullish wave, we saw a retracement of the initial movement that has just now reached the 0.5 crucial fibonacci level. I am expecting a resumption in the original bullish direction and am targeting just a few pips below the 0.786 fibo level with a stop loss just a few pips above the 0.382 level.