Pending Long $USDCAD

Very interesting setup for Long Position in USDCAD.

Ideal scenario: price goes down to 1.0820 or even to 1.08
Good time to buy there with a stop 1.0750 and target very far up in probably 1.1120 ?

I think the issue here can I wait for price to go or it just jumps from here up and never look back ?

P.S. Reason for the trade Bullish Daily cloud, 4H cloud and 1H.