When I look at 1 hour charts: Need to break what you SEE into pieces that you can trade with & use. First I see that ABC correction waves were concluded on 4/5 (Tuesday). Secondly, Elliot impulse 1-5 waves had started right afterwards and 0-1 wave down is done & 1-2 retracement wave up already happened too. We are currently on the Elliot impulse wave which most of the time is the longest one, which is 2-3 wave downward. It appears on USDCAD 1 hour chart that sometime on Monday this wave downward will be done. (Note) I would trade with the current trend or bears and/or puts until there are verifiable evidence of a MAJOR uptrend direction change or retracement, which would start the Elliot wave 3-4, which would be a change in the direction upward.
On chart is green line which is right underneath Elliot wave 0-1 down, which is now a major Resistance area/ceiling. The major Support area, you would go to USDCAD daily chart, which would be 1.28321. On the chart are Ellipse or oval areas with areas of direction changes- do you see any special candlestick(s), which would alert you current trend is over with & new opposite trend is starting? Need to understand candlesticks and patterns, they help a lot.
On chart is green line which is right underneath Elliot wave 0-1 down, which is now a major Resistance area/ceiling. The major Support area, you would go to USDCAD daily chart, which would be 1.28321. On the chart are Ellipse or oval areas with areas of direction changes- do you see any special candlestick(s), which would alert you current trend is over with & new opposite trend is starting? Need to understand candlesticks and patterns, they help a lot.