Today’s analysis – USDCAD- trading towards a key support region that has technical confluence
Points to consider, - Price Action Corrective - Weekly S/R Support - .618 Fibonacci Support - Swing Failure Region
USDCAD’s immediate price action is trading towards its Weekly S/R that has technical confluence with the .618 Fibonacci and market lows, allowing for a bullish bias.
The immediate objective is the POC, exceeding this level will lead to a trend continuation.
The current volume is below average, an influx is needed once testing support, this will be an indication of market strength.
Overall, in my opinion, USDCAD is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
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And remember,
“Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money.” – Ed Seykota