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USDCAD - Bullish Pullback expected - Bullish Indications

Hi Traders!

Here is our analysis of this pair:

Market is in a Downtrend which started around 9th of March at a price of 1.29
On 28th of March price made a Low @ 1.24600
After the Low we have a conspicuous bullish candle with a big bullish wick
--> What does that mean?
--> First Bullish Attempt to move the price higher
--> Loose in the first place, but...
--> Sellers probably felt first feeling of unsureness
--> Sellers looking to cash out their position
--> Price moves higher
Market moved lower and made an Exhaustion Candle
--> What does that mean?
--> Now the Buyers win
--> Stop Hunting is also imaginable
Price moved up and made a Fractal
It moved down and it is the first Higher Low since the beginning of the Downtrend
--> Buyers accept a higher price for this pair
--> First sign of Trend Change
--> Downtrend was LHs and LLs, now we have a LHs and HL --> weaker
The price even broke the Level of the Fractal Resistance recently

Target:
On the higher TF, we have this picture:

--> TP should not be too far away
Aggressive Area: Between "Area of Control" and 50.0% Fib' Level
Conservative Area: Between 50.0% and 38.2% Fibonacci Level

After the Target, we expect a Down-Movement due to the situation on the higher TF.

If you have any questions, another Point of View or anything else to share, don't hesitate to comment!

Thanks and successful Trading :-)!

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***Trade at your own risk***
***Not every idea is traded by us***