USDCAD 30min Analysis February 16th, 2021
Price is currently at our key supporting zone after a continued strong push to the downside to start the week.
Trade Scenario 1: Bullish - For us to go long we need to see price rebound off our supply zone of 1.2630. We will look to enter on strong bullish setups off this zone, first targeting previous structure around 1.2680.
Trade Scenario 2: Bearish - For us to go short and continue the trend we need to see price break through our key weekly of 1.2610. We will then wait for a retrace and for 1.2610 to act as resistance. Enter on strong bearish setups.
Trade Scenario 1: Bullish - For us to go long we need to see price rebound off our supply zone of 1.2630. We will look to enter on strong bullish setups off this zone, first targeting previous structure around 1.2680.
Trade Scenario 2: Bearish - For us to go short and continue the trend we need to see price break through our key weekly of 1.2610. We will then wait for a retrace and for 1.2610 to act as resistance. Enter on strong bearish setups.
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