USD/CAD:
Date: July 15, 2016
H4 chart: Choppy, Bull channel, long trend
The currency pair made a deep correction at the bottom of the channel. We also have a Fibo 50% from the previous movement and horizontal support. It was tested an the price is going up again.
Alternative scenario: If the price continues down, below the diagonal and horizontal supports, this may break the bull scenario and may show new possibilities for short positions after a breakthrough at the supports and retest .
Technical indicators
DEM (14) In overbought zone, it has not turned for long but the indicator is behind the price.
Price for long entry around: 1,2900
SL:1.28400
Jr. Trader - С. Fuchedzhiev
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