Hello everyone, first of all, I'd like to thank you for your positive comments. Today we are going to take a look at USDCAD which has been moving in an upward channel for the past two weeks, however, the pair has reached a weekly resistance and we expect a 300 pips fall to around 1.25200 but before we execute any entry we need to look for confirmation in lower timeframes, preferably the Hourly timeframe where the channel is seen more clearly. I will personally look for two possible entries, The first one is two or three reversal candlesticks at the resistance level which is in confluence with the upper bank of the channel and the second entry is when the price closes below the lower bank of the channel and make a bearish correction in the 15 minutes timeframe. The latter is more secure because it will have to give both candlestick and pattern confirmation.
BEST OF LUCK TO YOU ALL!
BEST OF LUCK TO YOU ALL!