USD/CAD: Flipped support pushing the price towards the swing high

USD/CAD has been bullish for the last three days. The daily chart shows that the price upon finding its support at a strong buying zone has been heading towards the North. Yesterday’s candle came out as a bullish candle with a long lower shadow. The price had a bearish correction. It seems that the price has found its support. The pair may offer a long entry upon a bullish breakout.

Chart 1 USD/CAD H1 Chart

The chart shows that the price had a rejection at 1.41170 after making a bullish move. It then had a rejection again and headed towards the South. As of writing, the last bearish candle closed within 1.40700. The level may hold the price as a level of support. If it produces a bullish reversal candle, the buyers may go long above the level of 1.41170.

Trade Summary

Entry: Buy above 1.41170

Stop Loss: Below 1.40700

Take Profit 1: 1.41400

Take Profit 2: 1.41540

Take Profit 3: 1.41800