Let's delve into analyzing the USDCAD forex pair together. ๐ค
On the higher time frame, like the weekly chart, we find ourselves in a range-bound box, as is common in forex market conditions. ๐๐
Currently, we're moving within a Rising Wedge pattern on the daily timeframe, approaching a significant daily resistance around 1.36008. This range also coincides with the 0.618 Fibonacci retracement level on the daily chart, adding further importance to this area. ๐๐ผ
If this resistance is breached and the pattern is filled, we could potentially move towards the 1.36842 range on the daily timeframe. ๐๐ช
Furthermore, should the Rising Wedge pattern activate on the lower timeframe, a trigger around 1.35469 suggests opening a short position. ๐๐ผ
Given the market structure, it's likely that actions will be taken for positions on lower timeframes, with a larger stop for long positions and a smaller one for short positions. โฑ๏ธ๐ฅ
Keep in mind that today will likely be a news-heavy day in the market, so we anticipate some irrational movements. ๐๏ธ๐
Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles. ๐๐
On the higher time frame, like the weekly chart, we find ourselves in a range-bound box, as is common in forex market conditions. ๐๐
Currently, we're moving within a Rising Wedge pattern on the daily timeframe, approaching a significant daily resistance around 1.36008. This range also coincides with the 0.618 Fibonacci retracement level on the daily chart, adding further importance to this area. ๐๐ผ
If this resistance is breached and the pattern is filled, we could potentially move towards the 1.36842 range on the daily timeframe. ๐๐ช
Furthermore, should the Rising Wedge pattern activate on the lower timeframe, a trigger around 1.35469 suggests opening a short position. ๐๐ผ
Given the market structure, it's likely that actions will be taken for positions on lower timeframes, with a larger stop for long positions and a smaller one for short positions. โฑ๏ธ๐ฅ
Keep in mind that today will likely be a news-heavy day in the market, so we anticipate some irrational movements. ๐๏ธ๐
Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles. ๐๐