USD/CAD Bouncing on the Main Channel
Good morning, traders! Today, we will analyze USD/CAD in two timeframes, 4H, and 30min, to show you our macro vision and what we are looking for in the short term to take a position.
🔸Talking about the context on the 4H chart, the price is in a clear uptrend within a channel.
🔸This channel has multiple touches, which validates it safely.
🔸Recently, the price rebounded again, and we consider that it can move in a bullish direction, at least towards the next resistance zone.
🔸If that zone is broken, then the price could go to the next one.
Let's analyze the 30m chart to see the short-term behavior:
🔸The possibility that we consider is that the price corrects a little more towards the support zone, and we see the new momentum originate at that level.
🔸Talking about the context on the 4H chart, the price is in a clear uptrend within a channel.
🔸This channel has multiple touches, which validates it safely.
🔸Recently, the price rebounded again, and we consider that it can move in a bullish direction, at least towards the next resistance zone.
🔸If that zone is broken, then the price could go to the next one.
Let's analyze the 30m chart to see the short-term behavior:
🔸The possibility that we consider is that the price corrects a little more towards the support zone, and we see the new momentum originate at that level.