The USDCAD is trading at an important long term resistance level around 1.1059. We need to wait for the market to make its move before we start looking for trading opportunities, so we have market the short term S&R levels, please take a look at the next chart:
Remember green lines are short term S&R lvls, while blue levels are long term S&R lvls.
My Trading Plan:
If the market starts to trade below the ST support level around 1.1036, I will start to look for short trading opportunities. The next long term support level is around 1.0811.
Right now, long trading opportunities are out of play.
I’ve been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .