USDCAD currently in an area where there is a decent risk reward opportunity to follow the shorter timeframe trend of higher highs. Market entered a consolidation area, could long at support and look for breakout to previous structure
Gold on the hourly time frame broke through the trendline.
On the 15minute chart it got past resistance and retraced to the area of structure.
It's not a bad area for a LONG. Can put stops below 1278 and risk under $2
There is an interesting area coming up. Previous resistance (and further back support turned possible resistance).
Wider time frames show the down trend.
If a double top or other bearish setup appears in this zone, I'd look short
A) Need to wait for breakout past the resistance zone before going long
B) Wait for retrace and a better risk reward opportunity (e.g. if a flag forms, wedge, etc.).
Currently waiting for better value.