Here USDCAD is in a critical area the highlighted area is where I will enter a short. From the weekly chart, I can see a rejection on the upper area of the descending channel due to previous rejections I think the reversal will be extremely dramatic. Moving on to the Daily chart, the wick of the recent candlestick shows buying exhaustion almost forming the gravestone Doji which is a great sign of reversal. So the 4-hour chart will be what I will be watching the pair on and executing the trade on the 1 Hour chart.
Trade active
28 Pips profitNote
At the moment CAD is correlating with oil as commented before waiting for US data to come out at 3 and for the Russian input at the OPEC meeting.Trade active
SL extension 1.34100
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.