USDCAD - Overview on Daily Timeframe

OANDA:USDCAD   Dolar U.S/Dolar Kanada
On the daily timeframe , as opposed to the weekly timeframe , we can clearly see that OANDA:USDCAD has been consolidating for quite a few days, and is still consolidating, for more upside. It is still unclear whether this last impulsive movement to the downside is the last one, and then the pair will head upwards to break the top and towards the 1.315 area, or if it is going to make another series of "up and down" movements forming a bigger sideways correction, before resuming the upside.
In terms of trading opportunities, it makes sense from now on to look for trading opportunities to the upside, as it now has become certain that the pair need to complete one more major movement to the upside on the daily, before going for the bigger and longer downward impulse to the downside on the weekly. Updates on smaller timeframes will follow.

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Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).

Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.

Thank you for viewing.
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