Dear Prop Traders,

Today’s price action setup is coming from the USD/CAD pair.

We did not have a signal from this pair for some time now. What I see by looking at the price action at this pair is more bullish momentum along the way. Today’s daily candle has engulfed the previous day’s candle, thus creating a bullish-engulfing pattern, which indicates some new fresh buyers. The level from which the pair has bounced-off is 1.1300, which is a previous support level. I believe that now that currency pair would try to reach for the 1.5000 level more decisively than the previous time when it was just a thin hair away from it. The full body of the daily candle is not showing a gram of hesitance and this is giving us even greater confirmation of the bullish psychology of the traders from the past session. All long orders that would be entered at present levels (1.1380) should be accompanied by a stop under the nearest swing low at 1.1275. The primary target is at 1.5000.

Happy Trading,

Colibri Trader