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Monday, December 21, 2020

USDCAD 30min Analysis December 21st, 2020

USDCAD 30min Analysis December 21st, 2020

USD/CAD OANDA:USDCAD

Price has broken out of our falling wedge with strong bullish momentum. Currently the 200ma on the 4h timeframe is acting as resistance.

Trade scenario 1: Bearish - We can stay on a lower timeframe and wait for a LH to form around our weekly level at 1.2906. We would want to see a bearish engulfing on the 30min at our weekly level and then look short. Targeting our previous key level around 1.282.

Trade scenario 2: Bullish - If we are to look long we will need to see a clear HL form. We want to see price retrace back to our key level of resistance around 1.282 and flip as support. We will then look for bullish engulfing /variations to enter on.



from Trading Ideas https://ift.tt/3aw743q
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