USDCAD - at decisive area. Will it break long or short?
USDCAD is at a very key level. On 12/1 Price broke below the long term trendline support, creating a long tailed bar but closing below. There was a small bearish retest of the trendline on 13/1, but found support at the 1.31 level which previously acted as S/R on 19/10 and 12/12 too.
Price is now below the trend line. so could head lower. The pin bar signal from thursday is still in play. I will enter a buy order entry above the head of the pin bar in case price moves up, but in the meantime I will be keeping my eye open in case there is a compelling bear signal.
Long term trend line
Price is now below the trend line. so could head lower. The pin bar signal from thursday is still in play. I will enter a buy order entry above the head of the pin bar in case price moves up, but in the meantime I will be keeping my eye open in case there is a compelling bear signal.
Long term trend line
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