USDCAD Potential Long Postion

USDCAD

Jan 2 2016: Price hit major area of support at round number of 1.3400. Large wicks on 4H, and uncertainty on 1H. Sellers tried pushing price lower but support was respected. Review to see if support is respected. If the support is not broken, likely a BUY.

Three things to look out for:
1) A bearish push towards support, then a fail to break it. This will improve the risk/reward ratio to allow the trade.
2) Price may continue to push up, which will not allow adequate risk-reward. Trade should not be taken.
3) Price goes bearish and breaches support.