USD/CAD Price Analysis: Bulls seeking a discount just got one

• USD/CAD is in a phase of expansion which gives rise to prospects of targets either side of the expansion line. 
• Bulls can target a break and retest of the 15-min structure for a high probability trade set up. 

The price action is offering volatility to work with and the prospects of a trade setup to target 1.3020. 

The following is an analysis of the market's structure in a phase of expansion for a day-trading opportunity. 

1-hour chart

As illustrated the price has moved out of contraction, with an initial failing downside test. 

The price then moved across the expansion line to the upside in a fresh bullish impulse. 

What we are seeing now is a correction of the impulse for a deep 61.8% Fibonacci retracement back to the expansion line. 

This would be expected to hold and the new support offers a buying opportunity to target 1.3020.

15-min chart

From a 15-min perspective, where the trade setup can be monitored for, there is work to do on the bull's behalf.

The price needs to get above the structure and resistance.

A buy limit can then be placed with the price back above the 21-moving average and MACD in positive territory.

The stop loss can be left below the structure, the current lows, for a 1:2 risk to reward ratio and high probability day-trading opportunity. 

A trend trading opportunity would be expected on a breakout of 1.3020. However, the daily chart is not offering such a picture, as of yet, but it is something to monitor for.