CADUSD 30min Analysis December 3rd, 2020
USD is still showing signs of weakness but is very clearly overextended.
Trade Scenario 1: Short - For us to take a short we will need to see a break and retest of 1.291. Price is a bit overextended and at higher time frame support levels so we need to be patient on the retest as a fake breakout can occur at these levels.
Trade Scenario 2: Long - For us to consider long we will need to see price break to the upside above the 200MA on the 30min. This will be our first break of structure and then we will wait for a retest and clear HL to form before looking long on any bullish momentum/variation.
Trade Scenario 1: Short - For us to take a short we will need to see a break and retest of 1.291. Price is a bit overextended and at higher time frame support levels so we need to be patient on the retest as a fake breakout can occur at these levels.
Trade Scenario 2: Long - For us to consider long we will need to see price break to the upside above the 200MA on the 30min. This will be our first break of structure and then we will wait for a retest and clear HL to form before looking long on any bullish momentum/variation.
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