USDCAD MARKET ANALYSIS

 Happy New week everyone after the long Easter holidays. I hope it was a great and productive Easter holiday for you all and I welcome you back to the markets with a great setup. Into the markets today I'm looking at USDCAD as price dropped into a major daily demand zone at 1.38840 & 1.38230 which is the origin of the previous rally to the major daily supply zone at 1.44800 & 1.44430. Price filled the major daily range from the major daily demand zone to the major daily supply zone and back to the major daily demand zone. Price dropped into demand and formed multiple rejections with candle closes inside demand on the daily chart but on the H1 & H4 formed fake breakouts. Price formed a strong bullish engulfing on H4 by a constant push away from demand showing a potential bullish reversal. 
Took buy positions during NY session at 1.38441 with SL at 1.38000. Setup taken is a drop base rally, a reversal setup and my 1st target is at the 1st H1 & H4 high at 1.39700 before either price reverses or breaks above and keeps pushing higher.