I posted a very short term trade set up for the USDCAD pair actually. It was a very short term pre-NFP trade. If you had a tight stop loss, you would've been stopped out. However, you may have earned a pretty nice profit it you gave this pair greater leeway. Anyways, we should be seeing a bullish future now that the NFP release is over.
Taking a look at the daily, first thing you'll notice is the support bounce. There are several lower tails showing several attempts at placing sell orders. However, they were able to be matched by buy orders. As the buy orders below the current price become filled, the price can only move up to fill the higher buy orders. The trend-line is not a perfect fit so do not place as great of an emphasis on that. The trend-line is actually better used to identify the point of reversal. If price breaks down trend-line, then it is a good sign that selling pressure will pick up.
Taking a closer look at the 4 hourly time frame, it looks like the price is holding at the 38.2 Fibonacci level. Keep in mind that the price appears to be very choppy because it was part of Friday's NFP movement. The 4 hourly time frame provides a better look at the price bouncing on the support zone. To optimize the entry, it is best to wait for the price to make another drop lower or at least closer to this zone before buying. It definitely wouldn't hurt to go for a long term buy now.
