Currently, price is forming a rising wedge pattern on the daily, with a rising trendline acting as support, and the 50ma 23.6 fib and the .9874 level all acting as resistance.
Given the resistance above my bias is still long for the pair. Reviewing past price action reveals that once the USDCAD reaches the .96298 level or lower it tends to reverse pretty quickly (of course that doesn't mean price can't go any lower than that) The USDCAD has only reached the .96298 twice in the past 2 years (excluding this recent low)
With a break of the .98748 the USDCAD will make a move to parody, which, coincidently is where the current 200ma is.
After the break I will wait for a retracement, looking for confirmation from price action, then enter long with a stop just below the .9874. With the 1st price target at the 200ma, after I will move my stop to B/E and let the rest of the position run.
Comments and suggestions welcome.
Given the resistance above my bias is still long for the pair. Reviewing past price action reveals that once the USDCAD reaches the .96298 level or lower it tends to reverse pretty quickly (of course that doesn't mean price can't go any lower than that) The USDCAD has only reached the .96298 twice in the past 2 years (excluding this recent low)
With a break of the .98748 the USDCAD will make a move to parody, which, coincidently is where the current 200ma is.
After the break I will wait for a retracement, looking for confirmation from price action, then enter long with a stop just below the .9874. With the 1st price target at the 200ma, after I will move my stop to B/E and let the rest of the position run.
Comments and suggestions welcome.