If it breaks channel and retests successfully - I will be in Long position with two targets as shown.
IF price fails to break channel and close fails close above channel. This idea is not valid.
This is not trading advice nor a signal service -only analysis
USDCAD is weakening having hit WR1 resistance 18 bars ago (18 hours). The BULLS have tried mightily to push the price higher but a series of doji indecision candles is confirming or perhaps suggesting the BEARS are about to take control.
The price is nicely held under the 5m 200ema and the charts look ever BEARISH.
Jump on board and ride this train down to 1.4000...
USDCAD has hit the brick wall that is WR1 resistance at 1.4164. With USD weakening in the late afternoon US session this SHORT trade could play out. On the higher time frames the price is what I call "hanging" D1 being a good example of this. Price has bounced at 1.3848 but the downward pattern looks incomplete and the BEARS could possibly drive the price lower...
expecting price to respect this current wedge pattern and continue down to our supporting trendline. hopefully we see a rejection followed by a breakout of the wedge and continue higher to the top end of the main trading range.
The US Dollar could edge lower as much as 100 basis points within this session.
Traders and investors are awaiting the US macroeconomic data releases, namely, the US Non-Farm Payroll, Trade Balance, and the US Fed's Chairman speech, which could increase volatility in the market.
previously that purple box was our support line, this pair broke the support line and now purple box area is our resistant line, week ahead we may see more down trend. Trade with correct risk management... our goal is to become profitable trader. Do all the possible analysis before you place any trade and its about finding the best entry point. Good luck traders !!