USDCAD D1 Chart
Price has recently broken a 14-month low and is in the midst of a major retracement, expecting the price to reach FR38.2% and a previous major support turned resistance level.
In H1 chart, the price is seen trending upwards and is using the top of a previous rising trend channel as a support to rebound higher and higher. Thus, price is now retracing again and may reach the top of the channel again before resuming appreciation.
So lastly, all we need to do is to wait for the price to complete another one or two waves of retracement and look for buy opportunity within the highlighted zone, setting our stop loss below FR100%.