USDCAD 30min Analysis January 29th, 2021
Price has formed a nice double top at our key weekly level at 1.2865 and we are now seeing a strong push to the downside.
Trade Scenario 1: Bearish - For us to go short we would like to see our weekly level at 1.2798 act as resistance. We will wait for a retrace here and enter on strong bearish setups off the weekly.
Trade Scenario 2: Bullish - For us to go long we would like to see price find support around the 30min 200MA and push back above the key weekly at 1.2798. We will then wait for a retrace and for price to find support at the weekly level.
Trade Scenario 1: Bearish - For us to go short we would like to see our weekly level at 1.2798 act as resistance. We will wait for a retrace here and enter on strong bearish setups off the weekly.
Trade Scenario 2: Bullish - For us to go long we would like to see price find support around the 30min 200MA and push back above the key weekly at 1.2798. We will then wait for a retrace and for price to find support at the weekly level.
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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.