USDCAD 30min Analysis February 1st, 2021
Price is consolidating around our weekly level and key structure zone of 1.2800.
Trade Scenario 1: Bullish - For us to go long we want to see price rebound off our weekly level at 1.2800. We will look to enter long on strong bullish setups off the weekly zone.
Trade Scenario 2: Bearish - For us to go short we need to see price break below our 30min 200MA. We will then wait for a retrace and for our weekly level of 1.2800 to flip as resistance. Enter on strong bearish setups at or below 1.2800
Trade Scenario 1: Bullish - For us to go long we want to see price rebound off our weekly level at 1.2800. We will look to enter long on strong bullish setups off the weekly zone.
Trade Scenario 2: Bearish - For us to go short we need to see price break below our 30min 200MA. We will then wait for a retrace and for our weekly level of 1.2800 to flip as resistance. Enter on strong bearish setups at or below 1.2800
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