USDCAD: Mid Term Technical Analysis

22 Nis 2023

On daily chart is visible the reason why we took a long position at 1.3327 (see setup below), but the most important thing is to see how the channel is the Price Action main driver!
On a bullish side, Price action is developing something like ABCDE Pattern, not confirmed yet, it has our setup level (1.3327) as support. As shown on daily chart, when the rally is over, the Price Action will trigger an interesting corrective structure (pullback or bearish reversal) in short term (maybe visible on only small time frame).

OUR STRATEGY FOR NEXT WEEK

• Use intraday time frame (preferably 1H) for area resistance detection.
  
• Find support levels after correction structure.
  
• Follow the short term development, click on chart below.
  

Note: Updates will follow below.

Trade with care!
Like if my analysis is useful.
Cheers!

25 Nis 2023

Not

short term analysis...