Short-term expectation on USDCAD
The price came up from the oversold abyss of the recent days and made a small correction. However, we're still in a medium-term and long-term bearish bias. That means that we will never look for big swing longs unless we see a massive break of some significant trendlines.
Although for the time being, we can look for some short-term long trades like this one in the graph above. Price has 2 touches on the trendline and as we know, the 3rd touch is mostly a golden touch as many traders seek to capitalize on them.
The green box is t h e o n l y area I will look for long trades. That for a few reasons:
1) 3rd touch of the trendline
2) expected very short-term bearishness due to Overbought conditions on LTF
3) NY session open where the box is put at. That means that if price is anywhere near the green box the investors will use this as a reason to go long short-term amid the session opening.
Thanks for reading and I wish happy trading to you all! :-)
Although for the time being, we can look for some short-term long trades like this one in the graph above. Price has 2 touches on the trendline and as we know, the 3rd touch is mostly a golden touch as many traders seek to capitalize on them.
The green box is t h e o n l y area I will look for long trades. That for a few reasons:
1) 3rd touch of the trendline
2) expected very short-term bearishness due to Overbought conditions on LTF
3) NY session open where the box is put at. That means that if price is anywhere near the green box the investors will use this as a reason to go long short-term amid the session opening.
Thanks for reading and I wish happy trading to you all! :-)
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