USDCAD 30min Analysis January 26th, 2021
Price has attempted to break out of our descending channel but is finding strong resistance back into our zone.
Trade Scenario 1: Bearish - For us to go short we want to see price break below our key structure zone of 1.2700. We will then wait for a retest and for 1.2700 and the 30min 200MA to act as resistance. Enter on strong bearish setups.
Trade Scenario 2: Bullish - For us to go long we need to see price break back above our key weekly level at 1.2734. We will then wait for a retrace and for price to form a HL around our weekly zone. Enter on strong bullish setups.
Trade Scenario 1: Bearish - For us to go short we want to see price break below our key structure zone of 1.2700. We will then wait for a retest and for 1.2700 and the 30min 200MA to act as resistance. Enter on strong bearish setups.
Trade Scenario 2: Bullish - For us to go long we need to see price break back above our key weekly level at 1.2734. We will then wait for a retrace and for price to form a HL around our weekly zone. Enter on strong bullish setups.
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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.