The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.
I wrote yesterday that the CAD remained very weak due to the still-falling price of Crude Oil. This pair could start to rise again later after the New York open. I was prepared to take a bullish bias after another good bounce at 1.3565. This was a good call as although the price made a low just a couple of pips above the level before turning around and challenging the highs again; however, the price has not been able to exceed earlier highs yet.
It seems that the bullish move may be running out of momentum, but the odds are still with the bulls as we have a clear long-term bullish trend here. I would be bullish after a strong bounce at 1.3565 if it happens later.