Long USDCAD

USDCAD

Entering using 4hr chart. General trend is bearish. However, there is a good demand zone at the weekly chart with weekly and daily demand zone nested within the weekly demand zone. These zones are nested within the monthly demand zone. We expect a reaction at this area. Prices have been overextended in the weekly chart with 3 strong bearish candles. We expect a retracement soon.

This is an aggressive trade as we are trading against the overall trend.