USDCAD 30min Analysis February 25th, 2021
Price is currently in a strong downtrend, but we are at a high value area so we expect a little consolidation here.
Trade Scenario 1: Bullish - For us to go long we want to see price break above 1.2490. We will then wait for a quick retrace and for 1.2490 to act as support. Enter on strong bullish setups, first targeting the edge of value around 1.2530.
Trade Scenario 2: Bearish - For us to go short we need to seep price break below 1.2460. We will then wait for a retrace and for 1.2460 to act as resistance. First targeting the next edge of value around 1.2430.
Trade Scenario 1: Bullish - For us to go long we want to see price break above 1.2490. We will then wait for a quick retrace and for 1.2490 to act as support. Enter on strong bullish setups, first targeting the edge of value around 1.2530.
Trade Scenario 2: Bearish - For us to go short we need to seep price break below 1.2460. We will then wait for a retrace and for 1.2460 to act as resistance. First targeting the next edge of value around 1.2430.
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