Key:
Green: Monthly Tend Lines. Thick Lines Outer Trend, Thin Inner Trend. (set on monthly resolution)
Purple and green lines are possible outcomes. (120 resolution)
Blue lines are points of possible trend changes.
Currently seeking the buy and sell signal as price action approaches the blue line which to me states a good entry point into a short/long...
USDCAD is currently sitting on Monthly resistance and i personaly expect bigger bounce to the downside because of very strong structure, BUT MN1, W1 and D1 doesnt look like it will reverse. We just got W1 123 and looks like it just started to moving to the upside. Anyway i draw both scenarios how to get involved in this trade conservative, but be carefull with...