An image is worth a thousand words:
Pretty clear isn’t it?
It is right in the middle of the range, we still have a long way before the USDCAD reaches the next LT resistance level, and therefore long opportunities are in play.
Here is my Trading Plan:
As long as the USDCAD trades above 1.0491 I will be looking for long trade opportunities. My next LT level is at 1.0691
Short opportunities are out of play in the Canadian Dollar