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USDCAD: Potential Buys?

Weekly Time Frame: Starting on the higher time frames, we can see how price managed to break out of a sideways trend and now resting in the middle of monthly/weekly zones, 1.36500- 1.46000 key psychological areas.


Daily Time Frame: Scaling down, notice how price tested 1.46000 and came down to create support at 1.39750, in confluence with our moving average (21 red). Price is currently ranging between 1.39750- 1.43500. Scaling down further we can look for potential opportunities.


4Hr Time Frame: Notice how we are ranging in-between our blue support/resistance zones. If price stays above support 1.41250 key zone, look to buy to 1.42500 and potentially 1.43500 key psych, if price breaks above. However, we break support look to short down to 1.39750. Due to the uncertainty of market fluidity, risk management is highly recommended.


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