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.
Market broke down from the 7700 area of resistance. Maintaining a bearish bias until that level is proven wrong.
Looking for a clear break of this flag in order to go short. Otherwise the next area of interest is at 7700
USDCAD is in a general move up (based on the H1 timeframe).
Here on the 15min chart it is currently in a channel. If it can break out above the channel I would consider going long.
NOT considering shorts here on a breakdown.
FYI - info purposes only. Trade your own plan
Retracement to the the key area is where we may want to look for opportunities. Action around this key zone should provide some possible trades:
1. Resistance holds, look for a small short
2. Breaks above this zone; look for retrace to go long