USDCAD 30min Analysis January 13th, 2021
Price is at the top of our descending channel, our key structure zone, and the 30min 200MA.
Trade Scenario 1: Bullish - For us to go long we need to see price breakout of our descending channel and above 1.2740. We will then wait for a quick retrace and for 1.2740 to act as support. Enter on strong bullish setups.
Trade Scenario 2 Bearish - For us to go short we want to see strong bearish pressure at the top of our channel here pushing price below 1.2720. We can enter aggressively off a strong bearish engulfing or wait for aa quick retest of 1.2720 and enter on further bearish setups.
Trade Scenario 1: Bullish - For us to go long we need to see price breakout of our descending channel and above 1.2740. We will then wait for a quick retrace and for 1.2740 to act as support. Enter on strong bullish setups.
Trade Scenario 2 Bearish - For us to go short we want to see strong bearish pressure at the top of our channel here pushing price below 1.2720. We can enter aggressively off a strong bearish engulfing or wait for aa quick retest of 1.2720 and enter on further bearish setups.