USDCAD OPEN MARKET ANALYSIS
Updated
OVERALL TREND- STRONG BEARISH MOMENTUM ON THE DAILY TF, LOOKING FOR POTENTIAL SHORT OPPORTUNITIES ON THE 1H TF.
In Scenario 1, price can look to break below out keye 38.2%, retest that major level and proceed to make lower lows (38.2% is where we can look for strong short positions).
In scenario 2, price can reverse, retest that major 50% and bounce off our key 61.8% giving us another potential short position.
Regardless, looking for these 2 short positions to come into play the next couple of days.
What do you think?
In Scenario 1, price can look to break below out keye 38.2%, retest that major level and proceed to make lower lows (38.2% is where we can look for strong short positions).
In scenario 2, price can reverse, retest that major 50% and bounce off our key 61.8% giving us another potential short position.
Regardless, looking for these 2 short positions to come into play the next couple of days.
What do you think?
Note
Price curretly at our 23.6% level. Looking to take a long position soon if we see a retest of that structure followed by a bullish engulfing candle in that area of support
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