USDCAD 30min Analysis January 25th, 2021
Price has respected our key weekly level 1.27350 as resistance on the first test and is at our resistance trendline.
Trade Scenario 1: Bearish - For us to go short we want to see price test the key weekly and our resistance trend line again. This will form a nice double top around 1.27350. Enter on strong bearish setups/rejections off the weekly zone.
Trade Scenario 2: Bullish - For us to go long we need to see price break above our key weekly and out of our descending channel with conviction. We will then wait for a retest and for our key weekly of 1.27350 to flip as support.
Trade Scenario 1: Bearish - For us to go short we want to see price test the key weekly and our resistance trend line again. This will form a nice double top around 1.27350. Enter on strong bearish setups/rejections off the weekly zone.
Trade Scenario 2: Bullish - For us to go long we need to see price break above our key weekly and out of our descending channel with conviction. We will then wait for a retest and for our key weekly of 1.27350 to flip as support.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.