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USDCAD
USDCAD
Daily Timeframe:
Looking at the chart you can see that the market is in a downtrend, making lower highs and therefore we should only look for short positions on the lower timeframes.
4Hour Timeframe:
The market has retest the descending trendline and has reached a critical zone where it has previously reversed. As you can see on the chart, the market has broken the ascending trendline and came back to it to for a potential retest before shooting lower.
1Hour Timeframe:
Looking at the chart, you can see that the market is potentially rejecting the area. In order to confirm our short position, I will wait for more confluences, like the brake below of the 1-hour exponential moving average before entering a position.
For more market breakdown, follow me on IG: APASTORFX
Daily Timeframe:
Looking at the chart you can see that the market is in a downtrend, making lower highs and therefore we should only look for short positions on the lower timeframes.
4Hour Timeframe:
The market has retest the descending trendline and has reached a critical zone where it has previously reversed. As you can see on the chart, the market has broken the ascending trendline and came back to it to for a potential retest before shooting lower.
1Hour Timeframe:
Looking at the chart, you can see that the market is potentially rejecting the area. In order to confirm our short position, I will wait for more confluences, like the brake below of the 1-hour exponential moving average before entering a position.
For more market breakdown, follow me on IG: APASTORFX
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