After a sizable drop USD/CAD is back near the top of the kumo. Tenken and Kijun have gone a little flat here meaning we've lost some momentum, but I am watching for a possible bullish breakout here this week. I would still like to see a bullish kumo twist complete to help confirm a buy entry as well as a move up above our previous resistance we've been seeing. We've got a good risk to reward here once we see those things happen. It may take another drop down to tenken sen or the kumo before that possible move up even happens, if it happens at all. If we fail to hold support or get the breakout we're looking for, this setup may become invalidated.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.