USDCAD PRICE ACTION ANALYSIS
1. First, the most eye catching thing when you view the pairs chart is the break of the recent resistance level 1.37072, an indication that the pair's bias is bullish.
2. Second, the price later retraces to the previous O.B forming a triangle formation which is clearly visible in the 4hr timeframe.
3. The price is most likely to turn bullish again, which is support by the moving average and the high buyers volume visible in the candle sticks that broke the resistance.
4. After the break of the triangle formation (Most likely to the upside), look for entry points in a lower timeframe, most preferably 1 hr tf and below.
5. Use proper risk management strategies
2. Second, the price later retraces to the previous O.B forming a triangle formation which is clearly visible in the 4hr timeframe.
3. The price is most likely to turn bullish again, which is support by the moving average and the high buyers volume visible in the candle sticks that broke the resistance.
4. After the break of the triangle formation (Most likely to the upside), look for entry points in a lower timeframe, most preferably 1 hr tf and below.
5. Use proper risk management strategies
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