USDCAD 30min Analysis January 27th, 2021
Price is finding support on the 30min 200MA but still has a lot to prove to go bullish on the higher timeframes.
Trade Scenario 1: Bearish - We can see a small H&S pattern forming on the 30min. For us to go short we need to see price fall below the weekly level of 1.2735 forming the right shoulder. We will then wait for a quick retest of the weekly and enter on strong rejections/bearish setups.
Trade Scenario 2: Bullish - For us to go long we need to see price find support off the weekly level of 1.2735. We will look to enter on strong bullish setups off this level. First targeting previous highs of 1.278.
Trade Scenario 1: Bearish - We can see a small H&S pattern forming on the 30min. For us to go short we need to see price fall below the weekly level of 1.2735 forming the right shoulder. We will then wait for a quick retest of the weekly and enter on strong rejections/bearish setups.
Trade Scenario 2: Bullish - For us to go long we need to see price find support off the weekly level of 1.2735. We will look to enter on strong bullish setups off this level. First targeting previous highs of 1.278.
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