Position Trade - USDCAD
In the Monthly Chart,
- Price is reaching again the Supply zone
- Although price has been testing it over the years, the Supply zone has been holding. Thus, the price may reach deeper into the zone before dropping again, thereby presenting opportunities in the lower TFs i.e. WK or D1 for SHORTS
In the Weekly Chart,
- 2 things can happen
- Either the price can break the Weekly demand OR the price will reach into Monthly Supply first and come down with good departure candles, then we can look for SELLS in the Daily timeframe.
In the Monthly Chart,
- Price is reaching again the Supply zone
- Although price has been testing it over the years, the Supply zone has been holding. Thus, the price may reach deeper into the zone before dropping again, thereby presenting opportunities in the lower TFs i.e. WK or D1 for SHORTS
In the Weekly Chart,
- 2 things can happen
- Either the price can break the Weekly demand OR the price will reach into Monthly Supply first and come down with good departure candles, then we can look for SELLS in the Daily timeframe.
Note
In the Weekly Chart, there is a intermediate zone that is propping the price up.Note
Not too sure what price may do, hence it's best to explore other currency pairs with clearer direction, and wait for USDCAD to show a proper path; up or down, before taking trades.Note
In the H4 chart, the price has cleaned up the mess to the left of the chart, hence I am looking for price to retrace and in the SHORT trade.A pending SELL limit order has been placed in the H4 chart on 4 Jun 2023.
Note
This analysis will be archived and a new one will be done.
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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.