USDCAD 1hour Analysis December 10th, 2020
Price is respecting the range between 1.2825 and 1.2775.
Trade Scenario 1: Bearish - We are looking for price to break 1.2770 with conviction and then wait for a retest of these levels. Enter on bearish engulfinig/variation
Trade Scenario 2: Bullish - If we continue to respect this range watch for bullish engulfing here at 1.278. We can drop down time frames and play a break and retest around the weekly level at 1.28. Enter on continued bullish momentum.
Trade Scenario 1: Bearish - We are looking for price to break 1.2770 with conviction and then wait for a retest of these levels. Enter on bearish engulfinig/variation
Trade Scenario 2: Bullish - If we continue to respect this range watch for bullish engulfing here at 1.278. We can drop down time frames and play a break and retest around the weekly level at 1.28. Enter on continued bullish momentum.