Personal analysis on USDCAD based on the daily and weekly timeframes. looking for a daily candle to close on its way down below the 0.50% retracement level on weekly and around 0.38% retracement levels on the daily. We could see a reversal being done around these areas.
We already got a pretty good entry earlier but now we are looking for another entry cause we believe this will be going lower for a while. This will be the last entry on this pair and will be leaving it for now.
Since the last long position did not work as we planned we jumped in a quick short position to cover the loss and more of course. I'm confident we will see a good long coming up during the next 21 days but for now we will be on the short trend.
We are already in this trade an entry of 0.72508 we will be holding and our first target will be 0.73950 and we will see how it looks by then might make another target around 0.754395 - a new higher high.