USDCAD has broken through two different trends on the 1H, currently back in a downtrend.
We expect price to continue to S2 upon breaking S1, where it can find support at the Potential Reversal Zone before it begins a reversal to retest the 200 MA.
Trade Setups:
If it breaks S1 in the next few candlesticks, short to S2
Enter long at Potential Reversal Zone, aim for TP at Long TP Zone (200 MA). Partial TPs along the way if suitable.
Stop losses above/below the respected levels for minimal risk.
We expect price to continue to S2 upon breaking S1, where it can find support at the Potential Reversal Zone before it begins a reversal to retest the 200 MA.
Trade Setups:
If it breaks S1 in the next few candlesticks, short to S2
Enter long at Potential Reversal Zone, aim for TP at Long TP Zone (200 MA). Partial TPs along the way if suitable.
Stop losses above/below the respected levels for minimal risk.
