Dear Daily Price Action Traders,

In today’s Daily Price Action report I am going to cover the currency pair- USD/CAD. We have experienced a bit of bullish rejection in the early hours of the trading sessions and then a gradual build of bullish momentum. The daily candle that has formed is a pinbar-like that has formed just above a major support level. The level of this support is 1.1250, which can be seen on the chart. The previous day’s candle was an inside bar, which once again confirms our bullish scenario.

From the chart can also be seen the previous few trading sessions, which were market by bullish candle rejections and which appeared just above this support level. My entry point for this long trade would be triggered at 1.1300 with a stop loss just under the 1.1250-level. The primary target should be at the level of 1.1400, but it all depends on the price action, since professional traders are looking to ride a trade as long as it is possible.

Happy Trading,
Colibri Trader
(Visited 297 time, 1 visit today)