Pretty interesting intraday chart on the USDCAD.
Whilst all the trend and momentum has been lower on the higher time frames, price is consolidating on the smaller time frames.
Whilst I would not be keen on making any bullish trades whilst the trend is clearly lower, I will be looking on the intraday charts to make sure the resistance around 1.3078 holds before looking to hunt any smaller time frame bearish trades.
A fast intraday break above this level could trap some bulls and is not where I want to be.
Whilst all the trend and momentum has been lower on the higher time frames, price is consolidating on the smaller time frames.
Whilst I would not be keen on making any bullish trades whilst the trend is clearly lower, I will be looking on the intraday charts to make sure the resistance around 1.3078 holds before looking to hunt any smaller time frame bearish trades.
A fast intraday break above this level could trap some bulls and is not where I want to be.
