USDCAD Analysis August 29, 2021

U.S. Dollar/Canadian Dollar FX:USDCAD

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On the weekly timeframe we can clearly see that price rejected the 1.30000 level which is a key level of resistance. We are in a bit of an uptrend on the weekly timeframe as of the last 8 weeks or s breaking resistance and retesting as support. But with retesting this resistance level we can assume that price could reverse from here. Back to the lower level of support at 1.20000.

Onto the H4 timeframe in order for me to actually take this short oppruntit we would need to see a break of 1.26000 level which also correlates with a trend line . If price breaks below their we will try too short as soon as possible.

Now on the flip side if price breaks above the 1.27000 level again we will look to enter on the first HL which would most likely be a retest of that level. Then we would target the previous high point at 1.295000 level.

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source https://www.smartmoneymanagement.info/2021/08/usdcad-analysis-august-29-2021.html