After a week or so away from trading I am back at it. Here is my analysis for USDCAD.
Price has failed to break through resistance @~1.3330 multiple times telling us a reversal may be incoming. We can also see the ascending trend line has been broken and price is currently retesting, sitting in our 4H order block and just above the 61.8% retracement from the previous high. Price also managed to close below our recent market structure low telling us it wants to create new lows.
This set-up gives a nice R:R at 5.4 with the stop loss just above our resistance (45pips) and our long term target at about 1.3050 (250pips).
Lets see how this plays out...
Price has failed to break through resistance @~1.3330 multiple times telling us a reversal may be incoming. We can also see the ascending trend line has been broken and price is currently retesting, sitting in our 4H order block and just above the 61.8% retracement from the previous high. Price also managed to close below our recent market structure low telling us it wants to create new lows.
This set-up gives a nice R:R at 5.4 with the stop loss just above our resistance (45pips) and our long term target at about 1.3050 (250pips).
Lets see how this plays out...