USDCAD Analysis 24/1/21
Descending outer channel (red) formed from the daily time frame.
Long term uptrend would target 1.34000, otherwise target previous structural highs.
Price failed to make a LL before making HHs and HLs.
Indecision candle and wick rejections formed at the green trendline before strong bullish momentum to the upside with minimal pullbacks.
Wick rejection forming at the top of the channel , wait to see if it breaks above and retest the channel and look for buys.
Ideas/opinions would be very much appreciated as I am new to this so any feedback will be taken into consideration!
Long term uptrend would target 1.34000, otherwise target previous structural highs.
Price failed to make a LL before making HHs and HLs.
Indecision candle and wick rejections formed at the green trendline before strong bullish momentum to the upside with minimal pullbacks.
Wick rejection forming at the top of the channel , wait to see if it breaks above and retest the channel and look for buys.
Ideas/opinions would be very much appreciated as I am new to this so any feedback will be taken into consideration!
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