Intraday Resistance in Play
Pretty interesting intraday chart on the USDCAD.
Whilst all the trend and momentum has been lower on the higher time frames, price is consolidating on the smaller time frames.
Whilst I would not be keen on making any bullish trades whilst the trend is clearly lower, I will be looking on the intraday charts to make sure the resistance around 1.3078 holds before looking to hunt any smaller time frame bearish trades.
A fast intraday break above this level could trap some bulls and is not where I want to be.
Whilst all the trend and momentum has been lower on the higher time frames, price is consolidating on the smaller time frames.
Whilst I would not be keen on making any bullish trades whilst the trend is clearly lower, I will be looking on the intraday charts to make sure the resistance around 1.3078 holds before looking to hunt any smaller time frame bearish trades.
A fast intraday break above this level could trap some bulls and is not where I want to be.
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