Traders are trading more than one channel and meeting support and resistance on both D1 and H4. Of significance is the cooperation of the 50ma WK and the 200ma D1 coming together as tough support.
The WK trend is up. This means that price should move above its 50ma. However, players on the H4 time frame are unwilling to move beyond H4 200 moving average. Fundamentals are needed, some type of momentum.
If 50ma 1D crosses over 100ma 1D, that should provide needed momentum. Until then, it's range time for USDCAD.
Of fundamental note are Crude oil prices which are mostly bearish.
Of fundamental note is DXY is bullish.
These all contribute to chart mixing on USDCAD.
I'm watching for a breakout, somewhere and the beginning of a longer trend.
This could take a while.
The WK trend is up. This means that price should move above its 50ma. However, players on the H4 time frame are unwilling to move beyond H4 200 moving average. Fundamentals are needed, some type of momentum.
If 50ma 1D crosses over 100ma 1D, that should provide needed momentum. Until then, it's range time for USDCAD.
Of fundamental note are Crude oil prices which are mostly bearish.
Of fundamental note is DXY is bullish.
These all contribute to chart mixing on USDCAD.
I'm watching for a breakout, somewhere and the beginning of a longer trend.
This could take a while.