USDCAD 30min Analysis February 3rd, 2021
Price had another strong rejection off our supply zone and is back below our 30min 200MA.
Trade Scenario 1: Bearish - For us to go short we need to see price reject off our 200MA and key weekly level of 1.2800. We will look to enter on strong bearish setups off this zone.
Trade Scenario 2: Bullish - For us to go long we need to see price break above our weekly level fo 1.2800. We will then wait for a retrace and for price to find support at or above 1.2800. Enter on strong bullish setups.
Trade Scenario 1: Bearish - For us to go short we need to see price reject off our 200MA and key weekly level of 1.2800. We will look to enter on strong bearish setups off this zone.
Trade Scenario 2: Bullish - For us to go long we need to see price break above our weekly level fo 1.2800. We will then wait for a retrace and for price to find support at or above 1.2800. Enter on strong bullish setups.
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