USDCAD has approached a previous key level in the 4hr TF where it has previously reversed back up several times, immediately after touching it.
Price broke the 1hr downtrend indicating a change of character (CHoCH) or a change in market direction which gives me my confirmation/confluence this price movement will also react to the 4hr key level
On the 30mins TF i'm awaiting a pullback from price. I'm not entering on the 0.618 fibb level but rather from the 30mins key level (USDCAD tends to react well with key levels) Regardless if there's any sign of price reversing before my entry, I might take it!
~That's my analysis on USDCAD this week, Let me know your thoughts ~
Price broke the 1hr downtrend indicating a change of character (CHoCH) or a change in market direction which gives me my confirmation/confluence this price movement will also react to the 4hr key level
On the 30mins TF i'm awaiting a pullback from price. I'm not entering on the 0.618 fibb level but rather from the 30mins key level (USDCAD tends to react well with key levels) Regardless if there's any sign of price reversing before my entry, I might take it!
~That's my analysis on USDCAD this week, Let me know your thoughts ~
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