USDCAD 30min Analysis January 26th, 2021
Price has attempted to break out of our descending channel but is finding strong resistance back into our zone.
Trade Scenario 1: Bearish - For us to go short we want to see price break below our key structure zone of 1.2700. We will then wait for a retest and for 1.2700 and the 30min 200MA to act as resistance. Enter on strong bearish setups.
Trade Scenario 2: Bullish - For us to go long we need to see price break back above our key weekly level at 1.2734. We will then wait for a retrace and for price to form a HL around our weekly zone. Enter on strong bullish setups.
Trade Scenario 1: Bearish - For us to go short we want to see price break below our key structure zone of 1.2700. We will then wait for a retest and for 1.2700 and the 30min 200MA to act as resistance. Enter on strong bearish setups.
Trade Scenario 2: Bullish - For us to go long we need to see price break back above our key weekly level at 1.2734. We will then wait for a retrace and for price to form a HL around our weekly zone. Enter on strong bullish setups.
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