USDCAD- I am going to await the outcome of NFP on 8/10/21.
Bullish structure overall as you can see from the daily TF. Despite the trendline being broken the trend has not been broken. The last HH @ 1.28280 has not been breached meaning the last HL is just above the Monthly Support level at 1.25578. (highlighted in yellow).
I will wait to see how price reacts on NFP to see if we can potentially create an equal HL, maximising the R:R on long positions from the 1.2500 area. Alternatively, if we see a clean break of 1.2500, shorts will be on the cards. More analysis to follow.
Bullish structure overall as you can see from the daily TF. Despite the trendline being broken the trend has not been broken. The last HH @ 1.28280 has not been breached meaning the last HL is just above the Monthly Support level at 1.25578. (highlighted in yellow).
I will wait to see how price reacts on NFP to see if we can potentially create an equal HL, maximising the R:R on long positions from the 1.2500 area. Alternatively, if we see a clean break of 1.2500, shorts will be on the cards. More analysis to follow.