USDCAD BREAKOUT STRATEGY| MILTI-TIMEFRAME ANALYSIS|

Hello friends!

So the USDCAD is now trading in a downtrend confined by the diagonal resistance line.

We will take a look at two scenarios of a breakout trading:

1-Breakout upwards. Take notice of a small horizontal resistance area. The diagonal resistance breakout alone is insufficient of a signal in itself.Therefore, for the setup to be valid, wait for the red resistance area breakout, which then by extension, would mean the diagonal resistance breakout too.
Long after pullback.

2-Move within the triangle below the diagonal resistance.
Breakout down, retracement>>short.

Below is what the pair looks like on a larger timeframes.Take note.

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Commentaire:

Wait for the breakout