USDCAD on the monthly chart is moving inside a huge ascending channel.
Within the major channel, the market is moving inside a smaller channel and the price got rejected at the weekly resistance over the 0.5 fib of the previous descending leg.
Currently, the market is testing the lower trendline over monthly support around the 1.30500 area and IF the price will break below the 1.29900 area we will look for a short position while if the price will bounce over the support we will check for a long position.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
Within the major channel, the market is moving inside a smaller channel and the price got rejected at the weekly resistance over the 0.5 fib of the previous descending leg.
Currently, the market is testing the lower trendline over monthly support around the 1.30500 area and IF the price will break below the 1.29900 area we will look for a short position while if the price will bounce over the support we will check for a long position.
--------
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.