USDCAD 30min Analysis January 13th, 2021

OANDA:USDCAD   U.S. Dollar / Canadian Dollar
Price is at the top of our descending channel , our key structure zone, and the 30min 200MA.

Trade Scenario 1: Bullish - For us to go long we need to see price breakout of our descending channel and above 1.2740. We will then wait for a quick retrace and for 1.2740 to act as support. Enter on strong bullish setups.

Trade Scenario 2 Bearish - For us to go short we want to see strong bearish pressure at the top of our channel here pushing price below 1.2720. We can enter aggressively off a strong bearish engulfing or wait for aa quick retest of 1.2720 and enter on further bearish setups.


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