The USDCAD is trading near a long term Resistance level, and it is trading in a short term range:
If the USDCAD breaks the ST resistance level (green) at 1.0425, it will trigger a bullish market condition (only long opportunities will be in play)
If the Canadian dollar breaks the ST support level (green) at 1.0319, it will trigger a bearish market condition (only short opportunities will be in play)
If the USDCAD keeps trading in between the short term range I will do nothing.
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 .