H4 Timeframe
USD/CAD has finally broken out of structure and set a higher high. We are approaching a level of resistance where price recently failed to hold the breakout so we do need to be mindful of a reaction from this zone. If we do break above I would expect heavy momentum to follow to break away from the consolidation.
M15 Timeframe
Price is currently performing a break and retest after recently breaking out of structure to set a higher high, we could get an entry if we get momentum of this key level however, the range may not be sufficient to capitalise on.
Plan of Action
I will be waiting to see how price reacts to the key level on the M15 and look for any signs that the key level is holding strongly. If the range works out good then we just need to wait for momentum in the market to support us taking a buy position.
USDCAD
USD/CAD has finally broken out of structure and set a higher high. We are approaching a level of resistance where price recently failed to hold the breakout so we do need to be mindful of a reaction from this zone. If we do break above I would expect heavy momentum to follow to break away from the consolidation.
M15 Timeframe
Price is currently performing a break and retest after recently breaking out of structure to set a higher high, we could get an entry if we get momentum of this key level however, the range may not be sufficient to capitalise on.
Plan of Action
I will be waiting to see how price reacts to the key level on the M15 and look for any signs that the key level is holding strongly. If the range works out good then we just need to wait for momentum in the market to support us taking a buy position.
USDCAD