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USDCAD: Break or Bounce?

Daily Time Frame: Starting on the higher time frames we can see that price is testing a strong monthly area. Notice how price is starting to slow down by reading the candle. If price breaks below look to short, if it snaps back above look to buy.


4Hr Time Frame: Scaling down we can see price is creating a double bottom formation in confluence with a 4hr engulfing and cross of our moving average. If price stays above this zone, then look to buy this back up to 1.42250. However, if price breaks and closes below then look to sell this down to 1.35000 weekly psychological. Due to the uncertainty of market fluidity, risk management is highly recommended.


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